Gold prices retreated ahead of the Federal Reserve's interest rate decision, while silver prices hovered near highs

Gold edged lower on Wednesday as investors locked in some profits ahead of the Federal Reserve's interest rate decision and Lord Powell's press conference, while silver traded narrowly below record highs after hitting an all-time intraday high. David Meger, head of metals trading at High Ridge Futures, said: "We may be on the path of a'pause after rate cuts'. But we still see gold prices as a whole in a strong sideways upward trend, with only a slight pause for now." The meeting was the most divisive in years as policymakers weighed the need to cut interest rates to support the labour market against concerns that it could push up inflation again.