FX.co ★ Gold Prices Mixed As Dollar Steadies After Fed Meeting

Gold prices traded mixed on Thursday and the dollar regained its footing as the focus shifted back to concerns over the impact of surging inflation and an aggressive policy tightening.

Spot gold slipped 0.2 percent to $1,830.58 per ounce, while U.S. gold futures were up 0.7 percent at $1,832.70.

The dollar index rose slightly on risk aversion as the Fed-inspired rally faded and concerns about a potential contraction mounted.

After announcing a 75-basis point rate hike on Wednesday and leaving the door open for another rate increase of that magnitude in July, Fed Chair Jerome Powell said the central bank cannot control all the factors driving inflation.

Earlier today, the Swiss National Bank unexpectedly increased interest rates for the first time since 2007.

The monetary policy announcement from the Bank of England is due, with analysts expecting another 25-bps rate hike coupled with cautious commentary around the economy.