Gold prices up slightly on slower Fed rate hike prospects

Gold prices rose marginally at settlement today, Jan. 23, as rising prospects for slower interest rate hikes from the Federal Reserve boosted the greenback-priced bullion’s appeal.

Federal Reserve official Christopher Waller backed a 25-basis-point (bp) interest rate rise when the Federal Open Market Committee (FOMC) gather for a two-day meeting on Jan. 31.

The majority consensus is that the Fed, during the forthcoming meeting, would lift key rates by a quarter percentage to a range of 4.50-4.75%.

In terms of trading, gold futures for April delivery saw a slight surge of 40 cents to close at $1,928.60 an ounce.

Similarly, the US dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.06% to reach 102.074 points at 10:11 pm Makkah time.