Gold prices rise before US Fed decision

Gold prices rise on Wednesday in anticipation of the US Federal Reserve's monetary policy decision later today, July 28.

Regarding the COVID-19 developments, Rochelle Walensky, Director of the Centers for Disease Control and Prevention in the United States, recommended that those fully vaccinated against the virus wear face masks in closed public places and in areas where it is spreading rapidly.

Spot gold rose 0.4% to reach $1,804.86 per ounce, while gold futures contracts for December delivery increased 0.32% to reach $1,808.60 per ounce, by 09:35am Makkah time.

Elsewhere, silver futures for September delivery rose 0.9% to reach $24.86 per ounce, platinum increased 0.7% to reach $1,062.27 per ounce, and palladium gained 1% to $2,633 per ounce.

The dollar index - which measures the performance of the US currency against a basket of six currencies - rose by 0.1% to 92.532 points.