Gold turned higher on Wednesday, after the Federal Reserve said the U.S. economy is likely strong enough to support an interest rate increase by the end of 2015, causing the dollar to extend losses.
The U.S. economy, after contracting in the first quarter, is now on track to grow between 1.8 percent and 2.0 percent this year, according to the central bank’s latest policy statement and new projections issued by Fed policymakers.
Spot gold was up 0.4 percent at $1,186.55 an ounce, after trading lower prior to the Fed statement. U.S. gold futures for August delivery settled down $4.10 at $1,176.80 an ounce.
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