(MENAFN- ProactiveInvestors)
Gold futures rallied past US$1170 an ounce in electronic trading overnight extending gains from the regular trading session as the U.S. dollar took a hit in the wake of the Federal Reserve statement.
The statement signalled that the central bank was ready to take modest steps toward rising rates.
After regular metals trading on Comex closed a statement from the Fed showed that the central bank dropped the word “patient” from its guidance on interest rates but also scaled back expectations on how fast it will move indicating the first rate hike might not take place until September.
April gold settled up 0.3% at US$1151.30 an ounce on the Comex.
In electronic trading on Globex shortly after the Fed decision April gold touched a high of US$1172.50 an ounce.
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