Gold Rallies As Fed Signals Slow Pace Of Rate Hikes

Gold futures moved sharply higher on Thursday, adding to gains from the prior day when the U.S. Federal Reserve indicated it will raise interest rates more slowly than previously expected. Gold for April delivery jumped $13.70, or 1.2%, to $1.165.00, setting it on track for the highest settlement price in 10 days. The yellow metal briefly touched $1,172.50 an ounce on Wednesday after the Fed as expected dropped its pledge to remain "patient" about raising rates, but signaled a slower rise in interest than it foresaw just a few months ago. Among other metals, May silver rose 2.1% to $15.87 an ounce, while high-grade copper for the same month gained 1.3% to $2.61 a pound. Palladium for June picked up 1.1% to $773.05 an ounce, while April platinum climbed 2.4% to $1.118.30 an ounce.