Gold gains as Fed takes ‘patient’ stance on rate hike

Spot gold was up 1% at US$1,200.56 an ounce by 0650 GMT on Thursday, just off a session high of US$1,201.66 after the Federal Reserve suggested it would take a patient approach in increasing interest rates.

SINGAPORE: Gold climbed 1% to trade above US$1,200 an ounce on Thursday after the US Federal Reserve said it would take a "patient" approach in deciding when to raise interest rates even as the US economy strengthens.

Fed Chair Janet Yellen said the Fed was unlikely to hike rates for "at least a couple of meetings", meaning April of next year at the earliest.