Gold Surges After Federal Reserve's Decision to Hold Interest Rates Steady
Gold futures rose by $36.70 on Wednesday, or 0.91%, to settle at $4,065.50, despite a volatile session driven by Middle East geopolitical events and the Federal Reserve's latest policy decision.
The most active August contract briefly dipped below the psychologically important $4,000 level overnight as a new escalation in the U.S.-Iran conflict hurt risk sentiment.
An Iranian missile strike aimed at a U.S. military installation failed, with American air defenses intercepting all incoming ballistic missiles.
This attack triggered an immediate reversal in energy markets, with WTI crude oil jumping nearly 7% on the day.