FX.co ★ Gold Holds Steady Near Record High

Gold prices were little changed on Thursday, after having climbed to a near record high in the previous session.

Spot gold was marginally lower at $2,038.42 per ounce, while U.S. gold futures were up half a percent at $2,046.80.

The dollar weakened and Treasury yields dipped after the Federal Reserve delivered another quarter-point rate hike but signaled a potential pause in its tightening cycle depending on incoming data on inflation and other factors.

Heightened recession concerns, U.S. banking woes and the debt ceiling impasse also dented risk sentiment and offered some support for safe-haven bullion.

PacWest Bancorp shares slumped 60 percent in after-hours U.S. trading and shares of other regional lenders also fell after PacWest Bancorp said that it is exploring strategic options, including a potential sale or capital raise.

The focus now shifts to a European Central Bank meeting later in the day, with analysts expecting a 25-bps rate hike.

Trading later in the day may be impacted by reaction to reports on weekly jobless claims, the U.S. trade deficit and labor productivity.