Gold Stable Amid Central Bank Rate Hikes

Gold prices were stable on Wednesday as investors considered the possibility that major central banks could keep interest rates elevated for an extended period to combat persistent inflation.

The Boston Federal Reserve President Susan Collins supported the US central bank's decision last week to raise interest rates by 25 basis points, citing the risk of inflation exceeding the 2% target in the future.

The Federal Reserve raised its benchmark interest rate to a range of 3.75% to 4%, signaling another increase before the end of the year. The Bank of Japan and the European Central Bank have also recently hiked interest rates.