Commodity wrap: silver soars to new highs; gold dips as markets await Fed rate decision

Gold prices edged down ahead of the interest rate decision by the US Federal Reserve later on Wednesday. Meanwhile, silver prices extended its record-breaking rally above the $61 per ounce mark on robust industrial demand and declining inventories. Oil prices were largely steady as investors waited for the outcome of the US Fed’s two-day policy meeting and progress in the Russia-Ukraine peace talks. Base metal prices were also in the green as the market expected the Fed to cut rates, which