Gold consolidates post-FOMC upsurge to multi-month tops, around $1320

Gold extended its sideways consolidative price action and remained within striking distance of 8-1/2 month tops set in the previous session.

The precious metal built on its recent bullish trajectory and extended the momentum further beyond the key $1300 psychological mark after the Fed, in its first policy update of the year on Wednesday, said it would be patient in raising rates this year.

The Fed also surprised investors by issuing a separate statement regarding its balance sheet and indicated that its efforts to reduce the $4 trillion asset portfolio could end sooner than expected if the economic situation or financial markets deteriorated.

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