Gold price hits 1 week high as Federal Reserve takes a cautious stance

London (Mar 16)  Gold touched a 1 week high in Thursday's trading session as U.S. Federal Reserve hiked interest rate by 25 bps. Fed chairwoman, Janet Yelllen informed that the central bank will maintain a gradual pace of interest rate hike even if inflation soars over 2%.

 At 0313 GMT, Spot gold inched up 0.5% to $1224.70 per ounce. U.S. Gold futures was up 2% at $1225 per ounce, before Federal Reserve's statement was announced on Wednesday.

 Dollar index tumbled 0.1% at 100.63, having earlier slipped to 100.43, the lowest in the month.  SPDR Gold Trust jumped 0.53 % to 839.43 tonnes in previous trading session.

Platinum soared by 1.5% at $ 962.99 per ounce.

 Palladium jumped 0.6% to 767.5 per ounce.

Source: HFL