In the face of increased economic uncertainty and a weaker dollar, gold prices increased on Wednesday.

By 17:00 IST , spot gold was up 0.23% at $2,043.47 per ounce, reaching its highest level since April 14.

At the time of the Fed’s rate announcement at 11:00 PM IST, the markets were pricing in a 83 percent opportunity of a 25-basis-point increase.

Gold should increase significantly if they suggest a halt to rate hikes; otherwise, if they suggest rate increases will continue.

The central bank may possibly indicate a break in its 14-month cycle of tightening as decision-makers weigh the need to contain inflation against dangers including bank failures.