According to Reuters, gold prices rose on Wednesday as the US Federal Reserve tempered its efforts to control inflation. Spot gold climbed 1.7% to $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT) after rising by as much as 2%, while US gold futures settled 0.4% higher at $1,949.60 prior to the Fed’s announcement. Despite raising interest rates by 0.25%, the Fed hinted at a potential pause in future increases due to ongoing financial market turmoil.