Gold prices fell by 1% on Wednesday as investors sought to secure gold goods amid the Ukraine-Russia crisis.

Spot gold fell 1% to $ 1,829.65 an ounce. US gold futures fell 1.1% to $ 1,8531.40. Meanwhile, silver fell 0.2% to $ 23.77.

The dollar traded near its highest level in two and a half weeks before the Fed’s policy decision.

Rate increases will increase the opportunity cost of holding non-interest-bearing gold, but gold has recently been supported by safe-haven demand of tensions over Ukraine and market volatility.

Meanwhile, palladium rose 7.3% to $ 2,359.79, reaching its highest level since September 8 at $ 2,382.82. In other precious metals, platinum rose 2.1% to $ 1,047.00.

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