Gold prices continued their upward trend on Wednesday, reaching their highest level in about two weeks.
This was driven by technical buying and investors’ anticipation of next week’s U.S. Federal Reserve meeting.
Spot gold prices risse 0.9% to $4,113.73 per ounce.
After hitting its highest level since July 10.
U.S. gold futures for August delivery also rose 1.1% to $4,119.10 per ounce.
This rise coincided with ongoing tensions in the Middle East.
The U.S. military announced new airstrikes against Iran.
In the same context, U.S. Secretary of Defense Pete Hegseth revealed that the cost of U.S. military operations against Iran has reached approximately $37.5 billion so far.
Despite the escalation, diplomatic efforts are continuing, as the Iranian Interior Minister visited Pakistan to request continued mediation between the parties.
Economically, a Reuters survey showed that most economists expect U.S. interest rates to remain unchanged through the end of 2026, amid ongoing inflationary pressures.
Prices of other precious metals also rose, with silver climbing to $59.82 per ounce.
Platinum reached $1,655.61, while palladium stood at $1,302.25 per ounce.
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