On Wednesday, gold prices rose following a shift in the US Federal Reserve’s aggressive approach to controlling inflation. At 3:56 p.m. EDT (1956 GMT), spot gold increased by 1.7% to $1,973.52 per ounce, peaking at a 2% increase.
Reuters reported that US gold futures settled 0.4% higher at $1,949.60 prior to the Fed announcement.
Although the Fed raised interest rates by a quarter of a percentage point, it indicated that it was close to halting any further increases in borrowing costs, citing recent instability in financial markets, according to WAM.
