MTECHTIPS:-Gold rallies to 3-month high as Fed offers no signal on
MTECHTIPS:-Gold rallies to 3-month high as Fed offers no signal on next rate hike
MTECHTIPS- Gold prices rallied to the strongest level in almost three months in North American morning trade on Thursday, adding to overnight gains as the U.S. dollar sank after the Federal Reserve signaled it was in no hurry to raise interest rates. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a session peak of $1,227.15 a troy ounce, the most since November 17. It was last at $1,226.15 by 8:45 AM ET (13:45 GMT), up $17.85, or around 1.5%, after losing $3.10, or about 0.3%, a day earlier. The Fed held interest rates steady as expected on Wednesday, in its first meeting since President Donald Trump took office. The U.S. central bank painted a relatively upbeat picture of the economy, noting that job gains remained solid, inflation had increased and economic confidence was rising, although it gave no firm signal on the timing of its next rate move. Some had expected the Fed to signal that the March meeting would come into play for the next rate hike. The market currently expects the next hike in June, according to Investing.com’s Fed Rate Monitor Tool.