Oil Price Surge Weighs on Gold and Silver as Fed Meeting Looms

The prices of gold and silver are under pressure due to rising crude oil prices, a stronger US dollar, and higher bond yields ahead of the Federal Reserve's two-day policy meeting.

COMEX gold futures fell by 0.28% to $4,339.60 an ounce, while COMEX silver declined by 0.58% to $63.765 an ounce.

The US dollar index rose 0.05% to 99.53, making dollar-denominated bullion more expensive for buyers using other currencies.