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Federal Reserve

Gold Hits More Than 9-Month High After Powell Strikes Dovish Tone

Federal Reserve
Gold prices extended gains on Thursday to touch their highest in more than nine months.

KONTAN.CO.ID - JAKARTA. Gold prices extended gains on Thursday to touch their highest in more than nine months, after the Federal Reserve raised interest rates by an expected 25 basis points and Chair Jerome Powell's comments were read as dovish by the market.

Spot gold was up 0.2% at $1,953.76 per ounce, as of 0206 GMT, after hitting its highest since April 2022 earlier in the session. U.S. gold futures rose 1.3% to $1,967.50.

The Fed delivered a quarter-percentage-point rate increase on Wednesday after a year of larger hikes. However, Powell warned of further monetary policy tightening while noting the progress on disinflation, which he said was in its early stages.

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