Commodities
Gold Surges to New Highs Ahead of Fed Decision
Gold prices rose by 1.4% on Wednesday to $4,352.86 per ounce as investors positioned themselves for the Federal Reserve's rate announcement.
The increase came despite a volatile run-up to the decision, with expectations of a 25-basis-point rate hike being reinforced by sturdy employment figures released in recent weeks.
A significant force driving gold prices upward is the record ETF buying, with global gold-backed exchange-traded funds absorbing $18 billion in August, the second-largest monthly inflow ever recorded.