Global gold prices climbed on Wednesday to their highest level in nearly two weeks, supported by technical buying as investors awaited next week’s U.S. Federal Reserve policy meeting for clues on the outlook for interest rates while continuing to monitor the conflict involving Iran.
Spot gold rose 0.9% to $4,113.73 per ounce as of 01:23 GMT, after reaching its highest level since July 10. U.S. gold futures for August delivery gained 1.1% to $4,119.10 per ounce.
Two oil tankers carrying Saudi crude to Asia changed course in the Red Sea on Tuesday following threats from Yemen’s Houthis, as the widening conflict in the Middle East continued to disrupt shipping through two of the world’s most important energy trade routes.
In a sign that diplomatic efforts remain active, Iranian Interior Minister Eskandar Momeni visited Pakistan, which has been acting as a mediator, and urged Islamabad to continue its mediation efforts.
Earlier on Wednesday, the U.S. military announced the completion of a new wave of airstrikes against Iran, marking the 11th consecutive night of operations.
The U.S. Central Command (CENTCOM) said the strikes targeted Iranian military operations centers, naval capabilities, aircraft shelters, drone storage facilities, and military logistics infrastructure.
Meanwhile, oil prices rose by more than 1%, hovering near their highest levels in six weeks.
According to the median forecast in a survey of economists, the Federal Reserve is expected to keep its benchmark interest rate unchanged through the end of 2026 as it continues efforts to address persistent inflation.
Among other precious metals, spot silver rose 1.8% to $59.82 per ounce, platinum gained 1.6% to $1,655.61 per ounce, and palladium advanced 1.6% to $1,302.25 per ounce.
Source: Reuters
