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24 April 2024

Gold jumps as US Fed signals rate-hike pause imminent

Published
By WAM

 Gold prices climbed on Wednesday after the U.S. Fed toned down its aggressive approach to reining in inflation.

Spot gold was up 1.7% at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2%. U.S. gold futures settled 0.4% higher at $1,949.60 before the Fed announcement, Reuters reported.

The Fed raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets.