WASHINGTON (dpa-AFX) - Gold edged up Thursday after four days of losses as the dollar eased slightly after reaching a two-week high Wednesday.
Spot gold jumped 1.9 percent to $4,003.84 an ounce in European trade, while U.S. gold futures were up 0.4 percent at $4,017.20.
The U.S. dollar inched lower, giving back some of the overnight gains following hawkish comments from Federal Reserve Chair Jerome Powell.
At the end of a two-day policy meeting, the Fed lowered interest rates by another quarter point, as widely expected, and said it will halt quantitative tightening program amid signs of stress in money markets.
However, Chair Powell cautioned that a further reduction in rates in December is 'not a foregone conclusion,' noting officials had 'strongly differing views about how to proceed' at the final meeting of the year.
Powell also highlighted the high level of uncertainty due to government shutdown delaying key data and said there's a 'growing chorus' that feels the Fed should 'wait a cycle' to continue cutting rates.
Elsewhere, the Bank of Canada signaled an end to its cutting cycle after trimming its key policy rate for the fourth time this year.
Earlier today, the Bank of Japan kept benchmark interest rates steady at 0.5 percent in its first meeting after Sanae Takaichi took power as the country's prime minister.
The central bank repeated its pledge to continue increasing borrowing costs if the economy moves in line with its projections, shifting investor focus to the prospect of a December rate hike.
The European Central Bank is set to keep interest rates unchanged for a third meeting later today, citing low inflation and steady growth.
Investors were also digesting the outcome of the U.S.-China trade talks. U.S. President Donald Trump said he would reduce tariffs on China from 57 percent to 47 percent for one year, in exchange for Beijing resuming purchases of U.S. soybeans, continuing exports of rare earth elements, and tightening controls on the illicit fentanyl trade.
Analysts said it's nothing more than a temporary truce and doesn't mark a real end to the trade war between the two countries.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News