Gold Extends Gains as Fed Pledges Low Rates Until 2013

Gold extended its gains on Tuesday after the Federal Reserve said it would keep interest rates low for at least another two years to help a U.S. economy that is growing considerably weaker than expected.

At 2:36 p.m. EDT, benchmark U.S. gold futures for December delivery GCZ1 were at $1,753.50 per ounce in post-session trading, up 2.4 percent, after rallying as much as 3 percent initially on the Fed statement. December gold earlier hit a record high of $1,782.50 during Tuesday's official session.

Spot gold was at $1,753.70 an ounce, up 2 percent. It hit an all-time peak at $1,778.29 in early trading.