Gold Prices Stable Amid Central Banks' Rate Hike Plans

Gold prices remained stable on Wednesday as investors assessed the likelihood of major central banks keeping interest rates high to curb inflation. Spot gold traded at $4,356.92 per ounce by 00:40 GMT, with U.S. gold futures for December delivery rising 0.4 percent to $4,394.90.

Boston Federal Reserve President Susan Collins stated that she supports the U.S. central bank's decision last week to raise interest rates, citing risks of inflation exceeding the 2 percent target in the future.

Last week, the Federal Reserve raised its benchmark interest rate by 25 basis points to a range of 3.75 to 4 percent and signaled another possible hike before year-end. The Bank of Japan and the European Central Bank have also recently increased interest rates.