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Gold prices remain high in global markets ahead of Fed policy meeting

Spot gold was steady at $1,937.09 per ounce, as of 0249 GMT, after hitting its highest since late April 2022 on Tuesday. U.S. gold futures were up 0.2 percent at $1,940.00.

January 25, 2023 / 11:27 AM IST
(Representative Image)

(Representative Image)

Bullion prices increased more than 6 percent so far this year on speculation that the US Federal Reserve would soon begin to retract its aggressive rate hike policy.

In nine months, while international gold prices have climbed to their greatest closing level, the Indian markets are also making all-time highs for the last four to five sessions. Since early November, the metal has risen on indications that the Federal Reserve is becoming less hawkish, which has led to decline in the dollar and Treasury yields.

Read | Gold prices hit record high: What you should do now

Spot gold was steady at $1,937.09 per ounce, as of 0249 GMT, after hitting its highest since late April 2022 on Tuesday. US gold futures were up 0.2 percent at $1,940.00.