(RTTNews) – Gold prices were a tad higher on Wednesday while the dollar eased as focus shifted to the Federal Reserve’s interest-rate decision later in the day.
Spot gold edged up by 0.2 percent to $4,035.65 an ounce while U.S. gold futures were down 0.1 percent at $4,034.50.
The dollar retreated from a one-month high despite simmering tensions in the Middle East and anxiety ahead of the Federal Reserve meeting later in the day.
With the new Fed chief scrapping forward guidance, experts remain divided over whether the U.S. central bank will hold interest rates steady or surprise with a hike.
On the geopolitical front, the U.S. and Saudi forces struck Tehran-backed targets in Iran and Tehran fired missiles at U.S. bases, reviving concerns over energy supply disruptions.
Brent crude futures jumped nearly 4 percent toward $87.40 a barrel, snapping a three-day losing streak as a fresh round of fighting erupted across the Middle East.
The U.S. Central Command said Iran had launched multiple ballistic missiles targeting U.S. troops across the Middle East that were successfully intercepted.
Saudi Arabia said it intercepted drones launched from Iraq and a Saudi tanker came under Houthi attack, underlining persistent regional tensions.
Iran reportedly rejected Oman’s proposal for shared 50-50 control of the Strait of Hormuz, maintaining that it ‘will accept no formula’ other than full control of the inbound shipping lane and part of the outbound route.
Elsewhere, Ukraine said it attacked a refinery owned by Russia’s largest oil producer Rosneft PJSC overnight.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
www.nasdaq.com