Gold prices rose past $4,230 per ounce on Wednesday, testing October highs where prices hit their highest on record, as markets parsed the Federal Reserve decision and digested Chair Powell’s post meeting remarks. The committee pencilled in one more cut next year yet Powell’s wording about whether to stop now or cut “a little” or “more than a little” was read as opening the door to additional easing, prompting traders to lift the odds of two or more cuts in 2026 to roughly 68%. At the same time the statement’s tweak about the extent and timing of additional adjustments signalled a possible pause to assess incoming data, leaving the pace of cuts conditional. Policymakers also nudged their growth outlook higher while trimming inflation forecasts for 2025 and 2026, a mix that lowered short real rates and pressured the dollar while keeping longer term real yields from collapsing.