Gold jumps following Fed decision
Gold prices jumped on Wednesday, hitting their highs of the day following the Federal Reserve's decision.
Spot gold rose 0.75% to $1,744. U.S. gold futures also advanced 0.8% to $1,745.
The Federal Reserve on Wednesday sharply ramped up its expectations for economic growth but indicated that there are no expected interest rate hikes through 2023 despite an improving outlook and a turn this year to higher inflation.
Gold prices have come under pressure this year as a recent spike in 10-year U.S. Treasury yields weighed on the non-yielding commodity.
"From a technical point of view, a clear climb above $1,740 would open space for further gains, while a decline below the $1,700 mark will show weakness," ActivTrades chief analyst Carlo Alberto De Casa said.
Silver rose 1.3% to $26.30 an ounce. Palladium futures fell slightly and platinum futures rose nearly 3%.
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