Investors have been given a respite from big rate hike jitters
The Federal Reserve building in Washington, DC. Picture: REUTERS/KEVIN LAMARQUE/File Photo
Spot gold was up 0.2% at $1,737.44/oz, as of 2.05am GMT, after rising 1% to a two-week high in the previous session. US gold futures rose 1% to $1,736.70/oz. The US central bank on Wednesday raised rates by three-quarters of a percentage point for the second straight meeting to combat soaring inflation.
“Powell left the door slightly open to a review of the rate situation and provided some sort of light at the end of the tunnel that we’re not going to be seeing increasing rates going into next year as well,” said Edward Meir, an analyst with ED&F Man Capital Markets.
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