Gold Closes Higher After Three Daily Losses

Gold prices rose on Wednesday for the first time in four sessions, recovering some of its recent losses with the U.S. Federal Reserve’s expected decision to maintain its current policy.

The Fed raised its inflation forecasts for 2021 and 2022, demand for the yellow metal increased with investors seeking hedging and a safe haven, with interest rates expected to remain at a historically low level until 2023, so gold is expected to maintain an upward trend.

Gold futures for August delivery rose by $5 or 0.3%, to close at $1,861.40 per ounce.

This marked the biggest daily gain for gold’s most active contract since June 7.

Meanwhile, silver futures for July delivery added by 12 cents, or 0.4%, to finish at $27.81 per ounce.