Gold prices rose in the trading session on Wednesday on the back of a weaker dollar, in light of expectations of an interest rate hike by the Federal Reserve to its highest level in 22 years.
The Federal Open Market Committee is expected to raise the interest rate by 25 basis points in the current session, bringing it to the range of 5.25% to 5.5%, and this will be the 11th increase in interest rates since the beginning of 2022.
In terms of gold’s performance, futures contracts for the month of August increased by 0.44% to reach $ 1972.3 an ounce, and the spot price rose by 0.35%, or $ 6.79, to reach $ 1971.75 at 11:25 am Mecca time.
Silver futures contracts for the month of September also witnessed an increase of 0.17%, to reach $24.87 an ounce, and the price of platinum settled at $971.51.
On the other hand, the dollar index, which measures the performance of the US currency against a basket of six major currencies, declined by 0.19%, to reach 101.15 points.
