The Fed said the job market is “solid,” and noted that the unemployment rate “has stabilized at a low level in recent months.”

Trump, who appointed Jerome Powell, has called for lower interest rates and said he believes the president should get a say on the Fed’s rate decisions.

The Federal Reserve decided to delay additional rate cuts for now and keep interest rates unchanged at its first meeting of the year, giving themselves time to assess whether inflation is cooling and how President Donald Trump’s policies might impact the U.S. economy.

Gold traded in a relatively narrow range on Thursday as investors focused on U.S. President Donald Trump's tariff plans and a key inflation report for further monetary policy cues. Spot gold was up 0.

Gold rose to a record high as investors flocked to safety after US President Donald Trump reiterated threats to impose tariffs on Mexico and Canada.

This also comes after the US Federal Reserve (Fed) kept interest rates unchanged at 4.25-4.5 per cent on Wednesday.

President Donald Trump's nominee to run the Commerce Department, Howard Lutnick, said on Wednesday that he has advised Trump to impose across-the-board tariffs country-by-country to restore trade reciprocity and fairness.

Billionaire businessman Howard Lutnick will face a senate hearing on Wednesday for his nomination to be Donald Trump’s secretary of commerce, as questions swirl over whether his pledge to unwind his significant holdings will be enough to avoid numerous conflicts of interest.