Gold prices traded near record-high levels on Thursday, as U.S. yields and dollar dipped after the U.S. Federal Reserve hinted it may pause the rate-hike cycle.
The Fed raised its benchmark overnight interest rate by 25 basis points, but no longer said that it "anticipates"increases would be needed, only that it will watch incoming data to determine if more hikes "may be appropriate."
Gold is helped by "lower yields and a weaker dollar in the aftermath of the recent Fed meet and changes in the policy statement language providing the conviction that the central bank will likely shift towards a rate pause," said Yeap Jun Rong, market analyst at IG.was down 0.2%, making greenback-priced gold more affordable for overseas buyers. Benchmark U.S. Treasury yields also dropped., adding: "it's possible that we will have what I hope would be a mild recession.
The European Central Bank is expected later in the day to raise interest rates for the seventh meeting in a row.
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