Gold is trending sideways after yesterday's rise

Gold prices, which rose yesterday due to Middle East tensions, are trading sideways ahead of tomorrow's Fed meeting. The ounce price of gold, which finished yesterday with a 0.7 percent increase, is trading sideways at $2,032 this morning. The US Federal Reserve's interest rate decision tomorrow may have an impact on gold price movements. While the Fed is not expected to make any changes to its monetary policy, it is expected to give signals about the timing of interest rate cuts. Gold had risen yesterday due to the increasing tensions in the Middle East. The precious metal started the year with a narrow range and finished January with a 1.5 percent decrease. Spot silver is also trending sideways this morning, while platinum and palladium are declining.