Gold Steadies After Fed Boosts Economic View

Spot gold gold traded little changed, paring earlier losses, after the U.S. Federal Reserve upgraded its view of the economy while leaving its key interest rate near zero.

Amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened, Fed officials said in a statement Wednesday after a two-day meeting. The central bank also maintained its monthly pace of asset purchases.

The yield on 10-year Treasuries held onto gains following the announcement, and the dollar slipped.

Spot gold fell less than 0.1% to $1,776.05 an pounce at 2:27 p.m. in New York, after declining as much as 0.8% earlier.

Fed Chair Jerome Powell holds a press conference at 2:30 p.m. Washington time.

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