Gold tops $1,200 for highest settlement in nearly a month

Gold futures rallied past $1,200 an ounce Thursday to settle at their highest level in nearly a month as the Federal Reserve signaled it will raise interest rates at a gradual pace, pressuring the U.S. dollar.

Gold for August delivery GCQ5, -0.24%  leapt $25.20, or 2.1%, to settle at $1,202 an ounce on Comex. That was the highest settlement since May 22 for a most-active contract.

Prices began climbing in electronic trade Wednesday as the Fed indicated that while it expects its benchmark fed-funds rate to eventually rise to 3.75% in the “longer run,” the likely path to that level will be gradual.

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