Gold prices edged higher on Thursday supported by a softer dollar and weakness in the equities market, after the U.S. Federal Reserve delivered a less-dovish outlook on monetary tightening than many had expected.
In a widely anticipated decision, the U.S. central bank hiked interest rates by 25 basis points on Wednesday. But what took markets by surprise was the Fed’s commitment to retain the core of its plan to tighten monetary policy, despite rising uncertainty about global economic growth. gold XAU= rose 0.5 percent to $1,249.46 per ounce at 0900 GMT, after declining the most since Nov. 27 in the previous session.
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