Gold and silver prices staged a sharp recovery in Wednesday's trading session, reversing earlier losses after the U.S. Federal Reserve decided to keep benchmark interest rates unchanged.
The central bank's decision dashed market expectations for a rate hike, triggering a sell-off in the U.S. dollar and Treasury yields that provided immediate relief to precious metals markets.
Comex gold futures surged to an intraday high of $4,115 per ounce, marking a significant bounce for the yellow metal.
Comex gold futures surged to an intraday high of $4,115 per ounce, marking a significant bounce for the yellow metal.
Silver also posted strong gains, climbing to $59.40 per ounce.
The move represents a notable shift in sentiment for commodities that have been under pressure.
The rebound offers a reprieve for precious metals traders following a severe quarterly decline.