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Gold is trading higher for a third day - the somehow dovish FED statement still lends some support to the precious metal and helped prices to rebound from the recent slump. The bank kept its monetary policy unchanged but dropped the word "patient" from its outlook for monetary policy. That means that the Fed could start to raise its interest rate soon but stated that it will closely watch economic data and international developments. Gold erased 2015 gains before adding the most gains in six weeks on Wednesday.
As a strong U.S. dollar and the prospect for higher U.S. rates weigh on the precious metal - as gold is dollar-denominated and not yield-bearing.
Gold is currently quoted at USD1,171.70, +0,03% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday gold traded as low as USD1,142.50, a three-month low.
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