Prices of precious metals rose on Wednesday after the United States Federal Reserve raised the federal funds rate by 0.25 percentage points, in line with market expectations. However, the central bank's monetary policy statement this time did not say that "ongoing increases" in rates will be needed, seemingly boosting demand for gold, which bears no interest.
Gold increased by 0.82% to $1,956.04 per ounce at 2:12 pm ET. Silver gained 1.41% and reached $22.72 per ounce at the same time. Platinum advanced 1.28% to $956.37 per ounce at 2:13 pm ET. Palladium climbed up 2.98% to $1,435.75 per ounce concurrently.
