Mubasher: Gold prices rose on Wednesday, after declining earlier in the session, supported by a drop by the US dollar after the Federal Reserve Chairman Jerome Powell hinted at an end to current interest hikes.

Gold futures for December delivery rose by $10.20, or 0.8%, to settle at the level of $1,223.60 per ounce.

Powell said on Wednesday that interest rates are currently just below the neutral level.

This signals a switch to stop the current monetary policy tightening cycle.            

“We know that things often turn out to be quite different from even the most careful forecasts,” Powell said in a speech he delivered at the Economic Club of New York.

"Our gradual pace of raising interest rates has been an exercise in balancing risks,” he added.