Gold nears two-week high as Fed outlook, Middle East conflict stay in focus

Gold climbed to a nearly two-week high on Wednesday as technical buying lifted prices, while investors awaited next ​week’s US Federal Reserve meeting for clues on the interest rate outlook ‌and monitored the ongoing Middle East conflict.

Spot gold rose 0.9% to $4,113.73 per ounce, as of 0123 GMT, having climbed to its highest since July 10.

US gold futures for August ​delivery jumped 1.1% to $4,119.1.

Two oil tankers carrying Saudi crude to Asia ​reversed course in the Red Sea on Tuesday after threats from ⁠Yemen’s Iran-aligned Houthis, as a widening Middle East conflict disrupted shipping through two of ​the world’s most critical energy chokepoints.

In a sign that diplomacy remains alive, Iran’s ​Interior Minister Eskandar Momeni visited mediator Pakistan and asked Islamabad to continue its efforts.

Oil prices climbed more than 1% and were trading near their highest levels in six weeks.

The Federal ​Reserve will keep its key interest rate steady for the rest of 2026 ​to tackle a five-year-long inflation problem, according to the median forecasts of economists in a Reuters poll.

Canadian ⁠Prime Minister Mark Carney said he and U.S. President Donald Trump agreed to intensify trade negotiations after speaking on Tuesday, but warned he would consider all options if the tariffsTrump threatened on Monday go ahead.

Two senior Howden brokers gave evidence in ​a private London ​hearing after a ⁠U.S. court sought their testimony for use in litigation over a disputed insurance claim stemming from losses at Newmont Corporation’s Ahafo ​gold mine in Ghana, court documents show.

Sibanye Stillwater said on ​Tuesday it ⁠is appealing against a recent United States International Trade Commission ruling that imports of Russian palladium do not pose an imminent threat to U.S. production of the metal.

Elsewhere, spot ⁠silver ​gained 1.8% to $59.82 per ounce, platinum added 1.6% ​at $1,655.61 and palladium rose 1.6% to $1,302.25.