Gold prices up with US Fed hinting to stop raising interest rates

Gold prices rose to near record highs on Thursday after the US Federal Reserve raised interest rates by 25 basis points and hinted it might hold off on further rate hikes.

By 0035 GMT, gold in spot transactions rose 0.8 percent to $ 2055.54 an ounce, and US gold futures rose 1.3 percent to $ 2063.20 an ounce, according to Reuters.

Earlier in the session, gold prices rose to $2072.19 an ounce, close to its all-time high of $2072.49 an ounce, which it reached in 2020.

The Fed raised interest rates by 25 basis points, which was in line with market expectations. The Central Bank did not say that it “expects” that there will be a need for further rate hikes, and only said that it would monitor upcoming data to determine whether further rate hikes “may be appropriate.”

The dollar index fell 0.2 percent, which makes gold denominated in the US currency less expensive for holders of other currencies.

As for other precious metals, silver increased in spot transactions by 0.5 percent to $25.72 an ounce, platinum rose 0.7 percent to $1056.29 an ounce, and palladium rose 0.8 percent to $1433.75 an ounce.