• Gold prices rose more than 1% on Wednesday after the U.S. Federal Reserve flagged an end to its interest rate hike cycle and indicated possible rate cuts next year.
  • Spot gold gained 1.3% to $2,004.79 per ounce as of 2:34 p.m. ET (1934 GMT). U.S. gold futures settled 0.2% higher at $1,997.30.
  • The U.S. central bank held interest rates steady on Wednesday. A near unanimous 17 of 19 Fed officials project the policy rate will be lower by the end of 2024 than it is now, with the median projection showing the rate falling three-quarters of a percentage point from the current 5.25%-5.50%.