Ammon News - Gold prices rose to hit a record high on Wednesday, as tensions in the Middle East and trade uncertainties lifted the bullion's safe-haven appeal, while traders awaited the Federal Reserve's decision due later in the day.

Spot gold was up 0.2% at $3,041.37 an ounce, as of 0540 GMT, after hitting an all-time peak of $3,042.95 earlier in the session.

U.S. gold futures gained 0.3% to $3,048.70.

Investors are worried about an economic slowdown and elevated risks of recession due to U.S. President Donald Trump's tariffs, which are widely considered likely to stoke inflation.

The Fed, which will conclude its two-day policy meeting later in the day, is expected to hold its benchmark interest rate steady in the 4.25%-4.50% range.

Spot silver firmed 0.1% to $34.05 an ounce, platinum lost 0.4% to $993.45 and palladium added 0.1% to $968.20. Reuters