Gold Surges to Above $1170 after Fed

Gold prices jumped on Wednesday, after the Federal Reserve dropped the word “patience” from its policy statement, stoking expectations for a mid-year rise in U.S. interest rates.

As the global investment community focused its attention on the U.S. central bank, the Fed Open Market Committee lived up to expectations: It dropped the word “patient” from its post-meeting statement, an indication, subtle though it may be, that the era of zero interest rates is about to end.

Spot gold was up 2.1 percent to $1,172.30 an ounce, above its lowest since Nov. 7 at $1,142.86, hit on Tuesday.  U.S. gold futures for April delivery settled up 0.3 percent at $1,151.30 an ounce.


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