Gold rose on Thursday as the widening Middle East conflict drove investors towards the safe-haven asset, while a softer dollar also lent support to prices.Photographer: Damian Lemanski/Bloomberg via Getty Images
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Gold prices were lower on Wednesday after the Federal Reserve kept its overnight rate unchanged, as was expected.
Spot gold traded 2.2% lower at $4,895.61 per ounce. Gold futures lost 2.4% to trade at $4,889.80 per ounce.
While the Fed held policy steady, it still projected to cut rates once in 2026. It also acknowledged uncertainty stemming from the U.S.-Iran war.
“The implications of developments in the Middle East for the U.S. economy are uncertain,” the Fed’s statement said.