Gold prices hold steady on Fed pause

Gold prices held steady in Asia on Thursday after recovering from a dip, as the Fed signaled a pause in rate hikes but no near-term cuts, as reported by Investing. com financial platform.

Gold had earlier dipped below a key support level of $2,300 but managed to climb back above it on Thursday morning. Spot gold settled at $2,319.98 per ounce, while gold futures for June delivery hovered around $2,329.0 per ounce.

The Federal Reserve’s policy decision on Wednesday offered mixed signals for the gold market. While the central bank kept interest rates on hold, as expected, Chair Jerome Powell’s comments hinted at a potential delay in future rate cuts.

This dampened investor enthusiasm for gold, which is often seen as a hedge against inflation and economic uncertainty.

Other precious metals, including platinum and silver, saw modest gains on Thursday after facing losses earlier in the week. Platinum futures rose 0.6 per cent to $968.30 per ounce, while silver futures increased 0.3 per cent to $26.825 per ounce.

Copper prices remained near two-year highs but were unable to extend their recent rally due to the uncertainty surrounding US interest rates.