Gold flat as investors assess Fed’s signals on more hikes

Gold prices were steady following the Federal Reserve’s decision to halt interest rate hikes, with the outlook of a further increase later in the year suppressing its growth. Although the Fed is putting a pause on interest rate increases now, traders are pricing in a 65% chance of a hike in July. Furthermore, GLD, the world’s largest gold-backed ETF, said its holdings fell 0.19%. Silver prices dropped 0.2% and platinum remained flat. Meanwhile, Europe’s central bank is highly likely to raise borrowing costs to their highest level in 22 years on Thursday and leave the door open for more hikes despite the euro zone economy faltering.