Dollar Strength Weighs on Gold Ahead of Fed Interest Rate Decision

Gold prices dipped on Wednesday ahead of the Federal Reserve's decision on US interest rates. The dollar remained firm, and investors are waiting for clues from the Fed about inflation and future interest rate adjustments.

Spot gold fell by 0.1% to $4,021.87 per ounce, while US gold futures for August delivery lost 0.4% to $4,021.70.

Silver, however, gained 0.1% to reach $57.20 per ounce. Platinum inched higher by 0.1% to $1,605.96, while palladium fell 0.1% to $1,268.35.