Gold prices rise on bets of no more Fed rate hikes, but gains limited– Gold prices rose on Thursday, encouraged by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in the yellow metal were limited by increased risk appetite., as widely expected, on Wednesday. But comments from Fed Chair Jerome Powell saw markets pricing in a diminished chance of any more rate hikes, especially as the Fed chair acknowledged that financial conditions had tightened substantially in recent months.

data, due on Friday. Any signs of strength in the jobs market gives the Fed more impetus to hike rates, with Powell also reiterating that notion on Wednesday.While gold is expected to benefit from the prospect of no more rate hikes, any major upside in the yellow metal remains doubtful with U.S. interest rates likely to remain higher for longer.

Powell had also acknowledged that the Fed still had a long way to go before reaching its 2% inflation target, and had previously signaled that the bank’s target rate will remain above 5% until at least end-2024.

Higher rates bode poorly for gold, given that they increase the opportunity cost of holding the yellow metal. Still, the yellow metal was sitting on strong gains from October, as the outbreak of the Israel-Hamas war drove up safe haven demand.

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