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Gold today rose to a two-week high as US Federal Reserve minutes played down forecasts by some of the bank’s own policymakers that interest rates might rise faster than they previously predicted.
Gold rose by 0.6 per cent to $1,320.23 an ounce and silver by 1.8 per cent to $20.24 an ounce.
The minutes released of the March meeting, at which monthly bond buying was cut for a third time, showed that several policy makers said projections for an interest rate increase might be overstated.
Chair Janet Yellen had said that rates might start to rise about six months after the central bank halts its monthly asset purchases.
The Dollar Spot Index, a measure against 10 major currencies, reached a five-month low today. Gold gained 9.9 per cent this year, rallying from the biggest annual drop in three decades.
Prices reached a six-month high on March 17 as turmoil over Ukraine spurred demand for a haven.
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