Gold climbed above $1,300 after the Federal Reserve scaled back the outlook for interest-rate increases and Chair Janet Yellen signaled rates may stay lower for longer. Assets in silver-backed exchange-traded funds jumped to a record.
Bullion for immediate delivery advanced as much as 0.8 percent to $1,301.45 an ounce, the highest level since May 3, before trading at $1,300.28 by 11:59 a.m. Singapore time, according to Bloomberg generic pricing. Prices have surged 22 percent this year as increasing global economic and political risk drives investors in search of havens.
The Fed held policy steady at its meeting Wednesday and officials reduced expectations for increases in borrowing costs through 2018, while the Bank of Japan kept monetary policy unchanged on Thursday. Adding to demand for bullion is investor anxiety over a British vote on June 23 on whether to leave the European Union.
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Bullion for immediate delivery advanced as much as 0.8 percent to $1,301.45 an ounce, the highest level since May 3, before trading at $1,300.28 by 11:59 a.m. Singapore time, according to Bloomberg generic pricing. Prices have surged 22 percent this year as increasing global economic and political risk drives investors in search of havens.
The Fed held policy steady at its meeting Wednesday and officials reduced expectations for increases in borrowing costs through 2018, while the Bank of Japan kept monetary policy unchanged on Thursday. Adding to demand for bullion is investor anxiety over a British vote on June 23 on whether to leave the European Union.
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