Gold climbed to its highest level in nearly two weeks on Wednesday, as investors positioned ahead of the Federal Reserve’s upcoming meeting and tracked escalating conflict in the Middle East.
Spot gold gained 0.9% to $4,113.73 per ounce as of 01:23 GMT, reaching its highest point since July 10. US gold futures for August delivery rose 1.1% to $4,119.1.
The move was driven in part by technical buying, with broader sentiment shaped by uncertainty over US interest rates. A Reuters poll of economists found the median forecast expects the Fed to hold its benchmark rate steady through the end of 2026 as it continues to address an inflation problem now entering its fifth year.
On the diplomatic side, Iranian Interior Minister Eskandar Momeni visited Pakistan, which has been playing a mediating role, and asked Islamabad to continue its efforts.
Other precious metals also advanced. Silver rose 1.8% to $59.82 per ounce, platinum gained 1.6% to $1,655.61, and palladium added 1.6% to $1,302.25.
