Gold prices climbed higher on Thursday amid expectations the dollar will likely lose ground in coming days after Fed Chair Jerome Powell hinted at a slowdown in the pace of rate hikes at future meetings.
After announcing another 75-bps rate hike at the end of a two-day policy meeting, Powell said the next move will depend on incoming data.
The Fed's next monetary policy meeting is scheduled for September 20-21, with CME Group's FedWatch tool currently indicating a 59.2 percent chance of a 50-basis point rate hike and a 36.7 percent chance of another 75-basis points rate hike.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.