Gold prices rise following the Fed’s pledge

Gulf Today Report 

Gold prices surged on Thursday after the US Federal Reserve announcement to keep interest rates at near-zero until 2023.

Spot gold rose 0.4% to $1,750.82 per ounce by 05:42 GMT while US gold futures jumped 1.3% to $1,749.80. 

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Ilya Spivak, DailyFX currency strategist said, "there was a risk-on response (after the Fed announcement) and the dollar weakened significantly. One might expect dollar negativity to be supportive of gold. That wasn't what happened, the main logic there really had to do with yields, which were on the march higher."

With high US interest rates and Treasury bond yields, the opportunity cost of holding non-yielding bullion tends to be on the high side.