Fed Rate Decision Looms as Gold and Silver Prices Surge

Gold and silver prices rose on Wednesday as investors sought relief from falling oil prices and reduced bond yields ahead of the Federal Reserve's interest rate decision later in the day. The Fed is widely expected to raise rates, with markets pricing in around 90-93% odds of a move.

The metals complex remains sensitive to the tone set by Fed Chairman Kevin Warsh during his press conference, particularly regarding the updated 'dot plot' showing officials' expectations for future rate moves.

Gold traded at $4,352.18, up 1.3%, while silver rose 1.56% to $64.63. The rebound in gold comes as it has recovered from the $4,283 support zone and is approaching resistance at $4,354.