Gold just scored a ticket to ride higher from Fed’s Yellen

The Federal Reserve officials left interest rates unchanged Wednesday and cut their expectations for rate hikes in the next two years, brightening the outlook for gold and prompting prices to tap a high of $1,300 an ounce in electronic trading.

Futures prices GCQ6, +1.29%  haven’t traded above the key $1,300 level on an intraday basis since early May, and haven’t settled above that level since late January 2015, according to FactSet data. August gold settled at $1,288.30 an ounce Wednesday to log a six-straight session climb.

The Federal Open Market Committee’s “move to lower their long-term rate forecasts more in line with the market’s expectations highlights a clear road higher for gold,” said Brien Lundin, editor of Gold Newsletter. “With so much of the world now operating in a negative-rate environment, and now the path to higher rates in the U.S. being moderated, the outlook for gold is very bright.”

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