Gold price breaks $5,300 record before Fed decision, lifting GLD and miners
Gold prices hit a record $5,311 an ounce Wednesday as the U.S. dollar rebounded from a two-year low ahead of the Federal Reserve’s policy announcement. Spot gold rose 1.9% to $5,289.48 by midday, while February futures gained 4%. Retail demand spiked in Asia, with crowds reported at gold shops in Shanghai and Hong Kong. Traders awaited Fed Chair Jerome Powell’s remarks for signals on interest rates.