Gold prices soared to an all-time high on Wednesday, following remarks from Fed Chair Jerome Powell and as the U.S. Federal Reserve held interest rates steady as anticipated, but signaled a possible reduction in borrowing costs by half a percentage point by the end of this year.

Gold prices reached record highs after the US Federal Reserve hinted at potential rate cuts this year. COMEX Gold hit $3,065.20, up 15% year-to-date, while domestic spot prices surged over 16%. Economic uncertainties and demand from India and China support gold's appeal.