Gold Prices Surge Amid Fed Comments

Gold prices have been on the rise as markets react to comments from US Federal Reserve Chairman Kevin Warsh. Despite leaving interest rates unchanged at its latest policy meeting, the central bank's stance on tackling inflation has investors looking closely at gold.

The metal rose by 0.4% to $4080.38 per ounce in spot trading. The US gold futures for August delivery also gained 1.1% to $4078, reflecting the increased demand.

Other precious metals have followed suit with silver rising 1% to $58.20 an ounce, platinum inching up 0.3% to $1616.84, and palladium increasing by 1.9% to $1270.50.