Gold continued its rise on Wednesday, reaching its highest level ever, supported by demand for safe-haven assets, geopolitical tensions, and uncertainty surrounding tariffs. Traders are also awaiting the Federal Reserve's decision on monetary policy.
According to Bloomberg News, the price of gold in spot transactions reached $3035.12 per ounce, after hitting an all-time high of $3038.90 earlier in the session. U.S. gold futures rose 0.1% to $3042.20.
Gold, historically seen as a hedge against geopolitical and economic uncertainty, has surged more than 15% since the beginning of the year.
Meanwhile, the U.S. Federal Reserve is expected to keep its key interest rate steady within the range of 4.25% - 4.50% at the conclusion of its two-day monetary policy meeting later today.
In contrast, other precious metals declined, with silver dropping 0.2% to $33.97 per ounce in spot transactions, platinum losing 0.4% to $992.85, and palladium falling 0.1% to $966.24.
-- (Petra)
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Gold continued its rise on Wednesday, reaching its highest level ever, supported by demand for safe-haven assets, geopolitical tensions, and uncertainty surrounding tariffs. Traders are also awaiting the Federal Reserve's decision on monetary policy.
According to Bloomberg News, the price of gold in spot transactions reached $3035.12 per ounce, after hitting an all-time high of $3038.90 earlier in the session. U.S. gold futures rose 0.1% to $3042.20.
Gold, historically seen as a hedge against geopolitical and economic uncertainty, has surged more than 15% since the beginning of the year.
Meanwhile, the U.S. Federal Reserve is expected to keep its key interest rate steady within the range of 4.25% - 4.50% at the conclusion of its two-day monetary policy meeting later today.
In contrast, other precious metals declined, with silver dropping 0.2% to $33.97 per ounce in spot transactions, platinum losing 0.4% to $992.85, and palladium falling 0.1% to $966.24.
-- (Petra)
