Gold Prices Rise Modestly After Fed Holds Interest Rates Steady

Gold and silver prices rose modestly in late-afternoon U.S. trading Wednesday after the Federal Reserve held interest rates steady. The Fed's decision, combined with rising oil prices and firm Treasury yields, kept defensive demand in play for precious metals.

Spot gold traded near $4,043.60 an ounce, up 0.12%, while spot silver was near $57.26, up 0.23% on the session. Gold's session range was $3,995.20 to $4,048.80, leaving it above the $4,000 area but below the retracement zone that has capped its latest rebound attempts.

The Strait of Hormuz situation remains highly stressed transit under active military and shipping pressure, with Brent crude jumping 7.3% to $88.09 a barrel. This oil spike keeps inflation expectations and yields elevated, which could limit gold's upside.