Abu dhabi: Gold prices edged lower on Wednesday as investors remained cautious ahead of the US Federal Reserve's policy decision. Spot gold edged down 0.4 percent to $4,984.29 per ounce as of 0442 GMT, while US gold futures for April delivery fell 0.4 percent to $4,987.30.
According to Emirates News Agency, the decline in gold prices comes as market participants await potential signals from the Federal Reserve regarding future interest rate cuts. Such decisions are crucial for investors as they assess the central bank's approach to managing economic growth and inflation.
In addition to gold, other precious metals also experienced declines. Spot silver fell 1.1 percent to $78.42 per ounce, while spot platinum dropped 1.2 percent to $2,098.20. Palladium saw a decrease of 1.3 percent, trading at $1,580.81 per ounce.
The movements in precious metal prices highlight the ongoing uncertainty in the market as investors react to global economic indicators and central bank policies.