Gold nears $4,300 before Fed decision

Gold prices rose near the $4,300 per ounce level as markets await the U.S. Federal Reserve's decision on interest rates. The price of gold reached $4,297.09 per ounce today, down by 0.05%, but still up by 16.40% year-over-year. Expectations of a 25 basis point interest rate hike by the Federal Reserve are putting pressure on gold due to the increased costs of holding the metal, amid rising oil prices and geopolitical tensions in the Middle East that support demand for gold as a safe haven. Forecasts suggest that gold could reach $4,370.89 per ounce in the third quarter, as the impact of a stronger dollar and rising oil prices continues to influence the market.

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