Gold prices rise marginally ahead of Fed meeting

Gold prices rose on Wednesday, before the decision of the Federal Reserve meeting later today, Sept. 22, and amid anticipation of the statements about its plan for the bond purchase program linked to COVID-19.

Moody's warned that the failure of the United States to raise the US debt ceiling could lead to one of the largest stock market crashes in history and catastrophic economic repercussions.

Gold futures contracts for December delivery gained 0.1% to reach $1,779.90 per ounce at 09:55am Makkah time. Spot price for the yellow metal rose 0.2% to reach $1,778.76 per ounce.

Elsewhere, silver futures for December delivery rose 0.9% to reach $22.82 an ounce, spot price for platinum delivery gained 0.9% to reach $965.58, while palladium increased 1.9% to reach $1,930 per ounce.

The dollar index - which measures the performance of the US currency against a basket of six currencies - settled at 93.231 points.