(RTTNews) - Gold prices were moving lower on Wednesday while the dollar inched higher as investors braced for the U.S. Federal Reserve's interest-rate decision later in the day.
The downside, however, remained limited due to heightened uncertainty stemming from escalating tensions in the Middle East.
Spot gold slipped 0.3 percent to $4,991.63 an ounce while U.S. gold futures were down 0.2 percent at $4,996.09.
Markets expect the Fed to leave policy unchanged amid rising uncertainty from the Middle East conflict.
Markets will closely track Fed Chair Jerome Powell's remarks on inflation, employment and growth.
Meanwhile, the Middle East war continued to escalate as attacks on the UAE's energy infrastructure heightened fears of prolonged supply disruptions.
Iran confirmed the death of its security chief in a further intensification of the Middle East war.
The U.S. military is reportedly targeting Iranian missile sites near the Strait of Hormuz.
"Hours ago, U.S forces successfully employed multiple 5,000-pound deep penetrator munitions on hardened Iranian missile sites along Iran's coastline near the Strait of Hormuz," the U.S. military said on X.
President Trump wrote in a Truth Social post that the U.S. has decimated Iran's Military and that America does not require support from its allies to protect shipping traffic in the Strait of Hormuz.
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