WASHINGTON (dpa-AFX) - Gold futures settled higher for a seventh straight session, although the upside was just marginal on Wednesday, as investors awaited the Federal Reserve's monetary policy announcement.
The Fed has now left interest rates unchanged, but its forecast suggests two quarter percentage point cuts this year.
A stronger dollar limited gold's upside. The dollar index climbed to 103.75, gaining nearly 0.6%, ahead of Fed policy announcement.
Gold futures for March closed up $0.80 at $3,035.90 an ounce.
Silver futures for March settled at $33.975 an ounce, down $0.604 or about 1.75%, while Copper futures for March climbed to $5.0755 per pound, gaining $0.0825 or 1.65%.
Geopolitical tensions intensified, with Iran-backed Houthi rebels claiming their fourth attack on a U.S. warship in the Red Sea within 72 hours and Israel saying ceasefire negotiations with Hamas will only take place 'under fire'.
Elsewhere, Russian President Vladimir Putin has ordered a 30-day pause on strikes on Ukraine's energy sites but insists peace depends on the 'complete cessation' of Western military and intelligence aid.
Global ratings agency Fitch has lowered its global growth forecast and warned that U.S. President Donald Trump's reciprocal tariffs will push up inflation and delay Fed rate cuts.
The Bank of Japan today left its rates unchanged and voiced concern about the impact of trade tensions on the global economy.
The Bank of England and the Swiss National Bank are scheduled to make their monetary policy announcements on Thursday.
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