Gold prices rose on Thursday as markets assessed statements made by U.S. Federal Reserve Chair Kevin Warsh regarding the fight against inflation, following the central bank's decision to keep interest rates unchanged at its latest monetary policy meeting.
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Spot gold climbed 0.4% to $4,080.38 per ounce by 01:03 GMT. Meanwhile, U.S. gold futures for August delivery rose 1.1% to $4,078.
The divided central bank kept interest rates on hold on Wednesday, while Warsh reaffirmed the Fed’s commitment to reining in inflation, leaving markets uncertain about its next move.
According to the CME FedWatch Tool, markets are currently pricing in a 57% probability of a rate hike in September, down from nearly 81% prior to the policy statement release.
Both the Bank of England and the Bank of Japan are widely expected to leave interest rates unchanged this week, while warning of inflationary pressures linked to the war in the Middle East.
Among other precious metals, spot silver gained 1% to $58.20 per ounce, platinum rose 0.3% to $1,616.84, and palladium surged 1.9% to $1,270.50.
Reuters
