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Investors are currently waiting for the results of the meeting of America's biggest bank, the Federal Reserve. Meanwhile, in Wednesday's trading, gold prices increased by 0.8 percent to $ 4,370.02 an ounce. Just before this, on Tuesday, a huge fall of about 2 percent was recorded in the price of gold. At present, efforts for gradual recovery are visible in the market, the main reason for which is the slight weakening of the US dollar and softening of bond yields in the markets across the world.

Traders and investors all over the world are waiting for the minutes of the last July meeting of the Federal Reserve i.e. the official details. The details are due to be released this evening at exactly 18:00 Greenwich Mean Time (GMT). From this report it will become very clear what further steps the American officials are going to take regarding the country's economy and inflation. Currently, it is being estimated in the market that there is a 67 percent possibility that the interest rates will remain the same i.e. stable in the meeting to be held in the month of September, while there is a 33 percent possibility that there may be some change or increase in the rates.

Benefits on bonds

The activities taking place in the global bond market have a deep and direct impact on gold prices. In recent times, fluctuations in the yields on bonds of America, Germany and Japan have greatly influenced the movement of gold. Apart from this, due to the slight weakening of the dollar, it has become a little cheaper for buyers from other countries to buy gold in the international market, which has provided some relief and support to the gold market. Along with this, from a technical point of view, spot gold has maintained its position around the level of its 100-day moving average i.e. around $4,381.

Rise in silver, platinum and palladium

Its clear impact has been visible not only on the performance of gold but also on the performance of other precious metals as well. According to the data, silver prices have increased by 0.8 percent, platinum by 1.7 percent and palladium by 0.3 percent. Apart from this, amidst the uncertainties to the Strait of Hormuz at the global level and the ongoing tension with Iran, investors are continuously inclined towards gold as a safe investment. Besides, the market is also getting strong support from the continuous buying of gold by the central banks of different countries around the world and continuous investment in gold ETFs.