Gold prices witnessed stability in trading on Wednesday, coinciding with investors’ assessment of the possibility that major central banks will continue to adopt a tight monetary policy and keep interest rates high for a longer period to curb ongoing inflation.
In spot transactions, there was little change in the yellow metal, recording $4,356.92 per ounce by 00:40 GMT, while US gold futures contracts for December delivery rose by 0.4% to reach $4,394.90.
In a related context, the head of the Federal Reserve Bank in Boston, Susan Collins, announced her support for the decision taken by the US central bank last week to raise interest rates, noting that there are potential risks for inflation to exceed the target rate of 2% in the future, according to what was reported by Reuters.
