According to Jinshi, the Fed's stance on keeping interest rates unchanged was not as tough as expected, and Japanese authorities were suspected of intervening in the foreign exchange market to support the yen, which weighed on the dollar. In early Asian trading, gold prices rose to nearly $2,330 an ounce. U.S. Treasury yields fell on Wednesday, boosting gold prices as Federal Reserve Chairman Powell downplayed the possibility of a rate hike, but he reiterated that more evidence was needed that inflation was cooling before lowering interest rates.
Gold prices have risen about 13% this year, hitting a record high last month as the Federal Reserve delayed its timetable for rate cuts. The rise in the past two months is related to strong central bank purchases, demand in Asian markets, and the conflict between Russia, Ukraine and the Middle East. Spot gold is up 0.2% and spot silver is up 0.5%.
