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Spot gold rose 0.9 percent to 4,113.73 dollars per ounce early Wednesday while US gold futures for August delivery advanced 1.1 percent to 4,119.10 dollars, according to market data reported by the Emirates News Agency. The metal reached its highest level since July 10 as traders responded to technical signals amid broader uncertainty. The Emirates News Agency said the gains coincided with preparations for the Federal Reserve’s policy meeting next week that could clarify the interest rate path for the remainder of the year.
A Reuters poll of economists indicated the Federal Reserve would likely hold its key interest rate steady through the end of 2026 to address persistent inflation. This projection has shaped expectations even as some market participants seek signs of potential adjustments in forthcoming statements. The assessment from the poll has contributed to the cautious positioning around gold as a non-yielding asset.
Developments in the Middle East added support for the safe-haven metal after two oil tankers carrying Saudi crude reversed course in the Red Sea due to threats from Yemen’s Iran-aligned Houthis, the Emirates News Agency reported. Iran’s interior minister visited Pakistan to urge continued mediation efforts in the widening conflict. Oil prices rose more than 1 percent to trade near six-week highs, a shift that often bolsters demand for gold.
World Gold Council figures place average gold trading levels near 4,100 dollars per ounce in the first half of 2026, down from peaks above 5,500 dollars reached earlier in the year. J.P. Morgan Global Research projected that prices could climb toward 6,000 dollars per ounce by the close of 2026 if geopolitical strains continue and monetary policy eases. The bank’s outlook underscores gold’s appeal in diversified portfolios during periods of economic and regional instability.
Spot silver gained 1.8 percent to 59.82 dollars per ounce in the same session while platinum added 1.6 percent to 1,655.61 dollars and palladium rose 1.6 percent to 1,302.25 dollars, according to the same market updates. These parallel increases across precious metals reflected shared influences from technical buying and external risks. The coordinated movements highlighted interconnected dynamics within the broader commodities sector.
Investors have maintained focus on the interplay between Federal Reserve communications and Middle East developments as primary drivers for near-term price action. The Emirates News Agency noted that technical factors provided additional lift as the metal held above the 4,000-dollar threshold. Such conditions have defined trading patterns in recent weeks leading into the central bank’s next gathering.
