Gold holds steady ahead of Fed decision

Gold prices slightly increased today, Wednesday, reaching $4,040 an ounce. This movement was supported by the decline of the dollar and investors awaiting the U.S. Federal Reserve's decision on interest rates, along with the Fed chief's statements regarding inflation. It is expected that the Federal Reserve will keep interest rates unchanged with a 68% probability, while there is a 32% chance of a 25 basis point hike, with possible increases anticipated in September. These developments come amid geopolitical tensions, following Iran's launch of missiles at U.S. targets in the Middle East. Oil prices also rose, supported by a decline in U.S. crude inventories. Meanwhile, market expectations suggest that gold remains a safe haven against inflation despite the potential increase in interest rates.

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