Gold edges up ahead of Fed decision

Gold futures for April rose 0.16%, or $8, to $5,016.2 per ounce

Gold futures inched higher on Wednesday as the dollar held steady, with investors awaiting the Federal Reserve’s policy decision later today, amid inflation risks linked to the war in the Middle East.

The Fed is widely expected to hold interest rates unchanged at the conclusion of its meeting, though markets will be watching closely for signals on the central bank’s outlook regarding rising energy prices and softening labor market conditions.

April gold futures rose 0.16%, or $8, to $5,016.2 per ounce as of 09:39 am KSA time.

Spot gold gained 0.15% to $5,013.24 per ounce. On the other hand, platinum fell 0.38% to $2,119.06, and palladium declined 0.26% to $1,602.75 per ounce.

Silver futures for May dropped 0.91% to $79.85 per ounce, while spot silver rose 0.73% to $79.86.

The US dollar index held firm at 99.54.