Gold rises about 1% ahead of Fed minutes release

April gold futures climbed 0.9% to $4,951.1 an ounce.

Gold and silver futures rose on Wednesday as investors awaited the release of the US Federal Reserve’s January meeting minutes for clues on potential interest rate cuts.

April gold futures climbed 0.9%, or $45.20, to $4,951.1 an ounce.

Spot gold gained 1% to $4,927.36 an ounce, while silver jumped 2.55% to $75.39 an ounce.

The dollar index, which measures the US currency against a basket of six major currencies, was largely unchanged at 97.22 points at 9:09 a.m. Riyadh time.

March silver futures rose 2.75% to $75.56 an ounce, while spot platinum advanced 2% to $2,049.44 and palladium increased 2.25% to $1,721.52.