Gold steady near £2,990 an ounce as markets wait on the Federal Reserve

Gold traded close to £2,990 per ounce on Wednesday, around £96 per gram, little changed on the day. In dollar terms the metal is holding just above the $4,000 mark, a level it has hovered around through July's choppy trading.

Two forces are pulling in opposite directions. Safe haven demand remains firm, supported by continuing tension in the Middle East and elevated oil prices. Pushing the other way, US government bond yields are sitting in the mid 4 percent range, which raises the cost of holding an asset that pays no income. Markets widely expect the Federal Reserve to leave interest rates unchanged at its meeting next week, and until that decision lands gold may struggle to break decisively in either direction.

Silver remains the livelier metal. It closed near $59 per ounce in the latest session, roughly £44 at the day's exchange rate (approximate), after a jump of more than 4 percent. Analysts point to tight supply: the Silver Institute projects a 46.3 million ounce market deficit for 2026, the sixth annual shortfall in a row.

For UK buyers, a steady spot price is a sensible moment to compare all-in costs. The price you pay for a coin or bar is spot plus the dealer's premium and any delivery or storage fees, so quieter weeks are a good time to shop around. This is general information, not financial advice.