Gold to Two Week High Above $1170

Gold extended gains on Thursday to its highest level in nearly two weeks as the dollar tumbled after the Federal Reserve signaled a slower pace of U.S. interest rate hike and caution on U.S. economic growth.

Spot gold gained 0.6 percent to $1,174.26 an ounce by 0041 GMT, after earlier climbing to $1,175.05, its highest since March 9. The metal gained 1.6 percent on Wednesday, its biggest one-day jump since Jan. 30.

The Fed on Wednesday moved a step closer to hiking rates for the first time since 2006, but downgraded its economic growth and inflation projections, signalling it is in no rush to push borrowing costs to more normal levels.


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