Business Markets

Gold hits two-week high after FED pledges to keep rates low

Gold prices rose to a more than two-week high today after the U.S. Federal Reserve reaffirmed its stance to keep interest rate near zero until 2023, although the safe-haven metal’s gains were capped by its forecast of a strong economic rebound.

Spot gold rose 0.3% to $1,749.57 per ounce by 0340 GMT, having touched its highest since March 1 at $1,755.25. U.S. gold futures jumped 1.3% to $1,749. Palladium gained 1.5% to $2,606.47, extending its rally to the highest level since March 2, 2020 after Nornickel, the biggest producer of the metal, slashed its output forecast due to waterlogging at two Siberian mines.

Silver rose 0.4% to $26.44 an ounce and platinum was up 0.4% at $1,217.78.

Sabrijo Mpele.

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