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Gold Rises as U.S. Fed Hints at Rate Hike Pause

Gold prices extended gains to a second straight session on Thursday, boosted by a slide in the U.S. dollar and Treasury yields after the Federal Reserve signaled an end to its monetary tightening cycle might be on the cards.

Spot gold last rose 1.18% to $1,992.81 per ounce, while U.S. gold futures jumped 2.4% to settle at $1,995.90.

The U.S. central bank raised rates by a quarter of a percentage point on Wednesday but highlighted that it was on the verge of pausing.

Gold on Monday hit a one-year high, breaching the key $2,000 level on safe-haven demand, though later ceded some ground as banking sector jitters subsided following the rescue of Credit Suisse. But the outlook remains positive if the Fed pauses or the banking crisis carries on, analysts say.

Wall Street bank Goldman Sachs hiked its 12-month price target on the shiny yellow metal to $2,050 an ounce from $1,950, describing it as the best hedge against financial risks.