Gold prices climbed higher on Wednesday as the dollar shed ground against its major counterparts amid speculation the Federal Reserve might signal a pause in policy tightening sometime soon.
The Fed is widely expected to raise interest rates by 25 basis points today, but analysts expect a rate cut sometime later this year.
The dollar index dropped to 101.36 around late morning and is currently at 101.41, down more than 0.5% from Tuesday's close.
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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.