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.
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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)