Gold closes higher, silver jumps more than 1%

Gold and silver prices rose on Wednesday, recovering from the selloff seen in the previous session as investors awaited the Federal Reserve’s policy decision.

The gains came amid persistent inflation concerns linked to energy markets and geopolitical developments in the Middle East, after US President Donald Trump said that the agreement with Iran was not yet finalized and that military action could return to the table if Tehran failed to comply with its terms.

Meanwhile, the US dollar and Treasury yields advanced after the Federal Reserve kept interest rates unchanged and policymakers signaled the possibility of rate increases by the end of this year.