Gold Prices Surge Ahead of Fed Rate Decision

Spot gold prices surged on Wednesday to $4,384 per ounce, up 1.31 percent from its previous close.

The increase comes as traders await the Federal Reserve's rate decision later today, with a 25-basis point hike now largely priced in.

Ankita Pathak, Head of Global Investments at Ionic Asset, said that a hike would provide policy certainty and maintain the Fed's credibility.

Ross Maxwell, Chief Strategy Officer at VT Markets, estimates that gold has already absorbed expectations of tighter monetary policy and may prove resilient if policymakers suggest this is a one-off adjustment rather than the beginning of an extended tightening cycle.