The Federal Reserve left its policy rate unchanged, knocking down odds of a hike
and sending the dollar and U.S. Treasury yields lower, which pushed spot gold
from losses to a gain exceeding 1%. The committee recorded three dissenting
votes. Market participants said near-term direction will hinge on the Fed’s
post-meeting press conference; after briefly dipping below $4,000/oz, gold may
have temporarily avoided further downside. As of 02:16, spot gold was up 1.2% at
$4,076.41 per ounce.
