Gold Hits One-Week High as Fed Signals Only Gradual Rate Hikes

Gold hit a one-week high on Thursday after the U.S. Federal Reserve signaled a cautious stance on interest rate policy this year, pushing the dollar to its lowest in a month.
The Fed on Wednesday raised interest rates for the second time in three months, with officials sticking to their outlook for two more rate hikes this year and three more in 2018.
Fed Chair Janet Yellen said that the central bank would stick to a gradual path of interest rate rises even if inflation runs above its 2 percent target.
“The lack of signs of further tightening have seen gold prices jump quite drastically post the meeting,” said ANZ analyst Daniel Hynes.
Spot gold rose 0.5 percent to $1,224.70 per ounce at 0313 GMT after touching $1,225.76, the highest since March 7, earlier in the session.
U.S. gold futures for April delivery, which ended their trading day on Wednesday before the Fed statement was delivered, were up 2 percent at $1,225 an ounce.
The dollar index was down 0.1 percent at 100.63, having earlier fallen to 100.43, the lowest in a month.
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