Gold prices crept higher on Thursday, supported by a retreat in the dollar and Treasury yields as investors wagered that the U.S. Federal Reserve may have concluded rate hikes after the central bank held interest rates steady this week. Bullion prices more or less need to consolidate a bit before being able to continue to rise, because the long-term view is still positive, said Carlo Alberto De Casa, market analyst at Kinesis Money. In line with analyst expectations, the Fed held rates steady on Wednesday, as policymakers struggled to determine whether financial conditions may be sufficiently tight to control inflation. Traders are now pricing in a 72% chance of another Fed pause in December, according to the CME Group’s FedWatch Tool.
