Gold Prices At Session Highs As Fed Strikes Dovish Tone

New York (March 21)  Gold prices are back in positive territory after the Federal Reserve sent another dovish signal to markets, lowering its growth forecast and signaling no rates hikes in 2019.

As expected the U.S. central bank left interest rates unchanged with its current range between 2.25% and 2.50%; however, markets are paying a little more attention to lower growth and interest rate projections for the year.

"In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," the central bank said in its monetary policy statement.

Gold prices are pushing to session highs as the Fed's average interest rate projection calls for no rate hike this year, down from its previous forecast of two. April gold futures trading in solidly negative territory ahead of the report has jumped higher, last trading at $1,309 an ounce, up 0.19% on the day.

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