Gold Prices Continue to Rise
Silver prices remained unchanged at $54.41. Platinum fell 0.1% to $1,542.63, while palladium rose 0.1% to $1,037.39.
Gold prices remained above $4,000 per ounce on Wednesday as investors awaited the US Federal Reserve's (Fed) interest rate decision. Gold, which rose 1.1% the previous day, was supported by investors who viewed price declines as buying opportunities.
Spot gold remained steady at $4,061.96 per ounce, while US gold futures rose to $4,075.80. Silver prices were unchanged at $54.41. Platinum fell 0.1% to $1,542.63, while palladium rose 0.1% to $1,037.39.
Gold came under pressure on Friday, falling to its lowest level since mid-July. The decline was driven by sell-offs in artificial intelligence stocks, which prompted investors to sell gold to cover losses in other assets.
In recent days, increased physical demand for gold, particularly from Chinese households, has helped prevent prices from falling below $4,000 per ounce.
Although the Fed is expected to keep interest rates unchanged, elevated energy costs continue to fuel inflation concerns. The possibility of an interest rate hike by the end of the year also remains on the table.
Investors will closely monitor Fed Chair Kevin Warsh's comments on the fight against inflation. His remarks could provide further clues about the future direction of US monetary policy.