Gold futures settled at a one-week high on Thursday, buoyed by the Federal Reserve’s dovish policy statement, though strength in the dollar kept prices in check.
On Wednesday, after gold futures settled, the central bank left interest rates unchanged as expected and signaled no further increase in interest rates this year and just one in 2020, according to its new ‘dot plot,’ and the bank said it would end its balance-sheet runoff by September.
The dollar declined shortly after the news, but has recovered its post-Fed loss and moved sharply higher in Thursday dealings. The precious metals that are priced in the U.S. unit continued to rise, but finished off the session’s highs.
Gold for April delivery rose $5.60, or 0.4%, to settle at $1,307.30 an ounce on Comex, after trading as high as $1,320.20. The settlement was the highest since March 13 for a most-active contract, FactSet data show.
Source : Market Watch