Gold Price Moves Sharply Higher on Dovish FOMC Statement, Sinking U.S. Dollar Index

New York (Mar 16)  Gold prices are scoring strong gains in afternoon trading Wednesday, in the wake of a dovishly perceived FOMC statement that was released at 2:00 p.m. EDT. Gold prices were trading near steady just before the FOMC statement, but then rallied moderately in the immediate aftermath of the statement. The U.S. dollar index was trading modestly higher just before the FOMC statement was released, but has sold off sharply in afternoon trading, which has given the gold market a further boost.  Fed Chair Janet Yellen's press conference that was still ongoing as of this writing was also deemed to favor the dovish monetary policy camp. April gold was last up $29.20 an ounce at $1,260.30.

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