Precious Metals Rally Ahead of Fed's Announcement

In a significant uptick, gold prices soared by more than 1% on Tuesday, continuing their upward trajectory from the previous day. This rally comes as the market braces for the Federal Reserve's impending decision on key interest rates, scheduled for announcement tomorrow. The uncertainty surrounding United States President Donald Trump's trade policies has further propelled investors towards safer assets, including precious metals.

Market Reactions and Price Movements

At 3:26 am ET, gold was trading at $3,375.21 per ounce, marking a 1.25% increase. Silver wasn't far behind, with a 1.96% rise to $33.13 per ounce at 3:27 am ET. Platinum also saw gains, climbing 1.58% to $979.31 per ounce, while palladium experienced a modest 0.35% increase to $935.62 per ounce at 3:28 am ET.