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Gold prices surged to a fresh all-time high on Wednesday, reaching approximately $3,039 per ounce during the Asian trading session.
The precious metal’s rally is driven by ongoing geopolitical risks and trade uncertainties, though further upward momentum remains limited as investors await the Federal Open Market Committee (FOMC) policy decision. The Federal Reserve (Fed) is expected to keep interest rates steady within the 4.25% to 4.50% range, shifting market focus to economic projections and Fed Chair Jerome Powell’s press conference for insights on future rate cuts. These developments will significantly impact US Dollar (USD) movements, which in turn influence gold prices.
As markets prepare for this critical Fed announcement, a slight rebound in the USD—after hitting its lowest level since October—has acted as a short-term resistance for gold. However, growing concerns over US President Donald Trump’s aggressive trade policies and potential global economic consequences continue to support demand for the yellow metal. Additionally, escalating geopolitical tensions in the Middle East serve as another bullish factor for gold, reinforcing its long-term uptrend. Despite these favorable conditions, overbought market indicators may deter traders from placing fresh long positions on XAU/USD.
