Gold hits near record high as Fed hints rate-hike pause

LONDON / WAM

Gold prices traded near record-high levels on Thursday, as US yields and the dollar dipped after the US Federal Reserve hinted it might pause its rate-hike cycle, Reuters reported.
Spot gold was up 0.1% at $2,040.46 per ounce by 0249 GMT. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49, scaled in 2020. US gold futures rose 0.6% at $2,050.10.
The Fed raised its benchmark overnight interest rate by 25 basis points, but no longer said that it “anticipates” further rate increases would be needed, only that it will watch incoming data to determine if more hikes “may be appropriate.”
Spot silver rose 0.9% at $25.82 per ounce; platinum gained 1% to $1,060.16, while palladium edged 1.4% higher to $1,443.11.