Published March 16, 2016 2:09pm EDT | Updated March 16, 2016 3:04pm EDT

Gold Futures Rally Past $1,240 As Fed Cuts Outlook For Rate Hikes

Gold futures rallied in electronic trading Wednesday after the Federal Open Market Committee left interest rates unchanged and said it sees two interest-rate hikes this year instead of four. Higher rates can boost the dollar, pressuring dollar-denominated prices for gold, and dull demand for the metal, which doesn't bear a yield. April gold was at $1,246.50 in electronic trade after settling at $1,229.80, down 0.1%.