Gold prices rise despite rate hike concerns and inflation pressures.
Gold prices rebounded from sharp overnight losses to post mild gains in midday U.S. trading Thursday, helped by a sharp drop in the U.S. dollar index and a decline in U.S. Treasury yields. However, gains in gold have been constrained after the end of this week's FOMC meeting of the Federal Reserve, in which the Fed paused on its rate-hike cycle, but the FOMC statement and Fed Chair Powell's press conference leaned firmly hawkish on U.S. monetary policy. China's central bank made another move to ease its monetary policy by cutting another key interest rate.
