Gold, silver futures edge higher ahead of Fed meeting

Gold and silver futures saw a marginal rise on Tuesday ahead of the US Federal Reserve meeting, as traders assess inflation risks stemming from the ongoing conflict in the Middle East.

April gold futures rose 0.21%, or $10.7, to $5,012.9 per ounce as of 09:10 am KSA time.

Spot gold also added 0.12% to $5,012.46 per ounce, while platinum climbed about 1% to $2,136.76 per ounce. Palladium, however, inched down 0.25% to $1,604.04 per ounce.

Meanwhile, silver futures for May delivery rose 0.13% to $80.92 per ounce, while spot silver gained 0.24% to $80.96 per ounce.

Gold prices have gained around 16% year to date, aided by geopolitical volatility and concerns over the Fed independence, which have boosted demand for safe-haven assets. However, the rally has lost momentum since the war began on Feb. 28.

The US dollar index advanced 0.38% to 100.09.

This comes ahead of the US central bank’s meeting starting later today and concluding tomorrow, with markets widely expecting interest rates to remain unchanged.