Gold prices rise ahead of Fed decision

Gold prices rose on Wednesday before the US Federal Reserve's decision later today, June16, amid expectations of a fixed interest rate.

Economic data also showed that inflation in the United Kingdom rose to the highest level since July 2019 during last May, by about 2.1%, and exceeded the target of the Bank of England.

Spot gold hit $1,859.89 per ounce, and gold futures contracts for August rose 0.3% to reach $1,861.80 per ounce, by 09:55am Makkah time.

Elsewhere, silver increased 0.7% to $27.89 per ounce, palladium settled at $2,763.50 and platinum dropped 0.4% to $1,151.83 per ounce.

The US dollar index - which measures the performance of the US currency against a basket of six currencies – stabilized at 90.4930 points.