Gold Edges Up Near Seven-Week Low Amid Fed Rate Concerns

Gold prices rose slightly on Tuesday but remained near a seven-week low due to concerns that the Federal Reserve would keep interest rates high for longer. According to Reuters, spot gold increased by 0.4% to $4,130.58 per ounce at 04:07 GMT after hitting its lowest level since August 5 in the previous session. US gold futures fell 0.2% to $4,162.20.

Other precious metals also saw declines, with spot silver falling 0.9% to $60.42, platinum dropping 1.3% to $1,697.71, and palladium declining 0.8% to $1,205.27.