Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday, as the U.S. dollar weakened further in the wake of the Federal Reserve's decision to raise a key short term interest rate.
The most active gold contract for April delivery increased 9.6 U.S. dollars, or 0.73 percent, to close at 1,321.5 dollars per ounce.
The Fed on Wednesday raised the benchmark interest rate by 25 basis points and signaled two more rate hikes in 2018, citing "strengthened" economic outlook in recent months.
The U.S. dollar index, which measures the buck against six rivals, went down 0.5 percent to 89.91 as of 1730 GMT.
Gold and the dollar typically move in opposite directions, which means if the dollar goes weak, gold futures will rise.
As for other precious metals, silver for May delivery rose 23.4 cents, or 1.45 percent, to settle at 16.419 dollars per ounce. Platinum for April added 5.6 dollars, or 0.59 percent, to close at 950.6 dollars per ounce.
The most active gold contract for April delivery increased 9.6 U.S. dollars, or 0.73 percent, to close at 1,321.5 dollars per ounce.
The Fed on Wednesday raised the benchmark interest rate by 25 basis points and signaled two more rate hikes in 2018, citing "strengthened" economic outlook in recent months.
The U.S. dollar index, which measures the buck against six rivals, went down 0.5 percent to 89.91 as of 1730 GMT.
Gold and the dollar typically move in opposite directions, which means if the dollar goes weak, gold futures will rise.
As for other precious metals, silver for May delivery rose 23.4 cents, or 1.45 percent, to settle at 16.419 dollars per ounce. Platinum for April added 5.6 dollars, or 0.59 percent, to close at 950.6 dollars per ounce.
Latest comments