Spot gold was modestly higher on Wednesday after the U.S. Federal Reserve announced that it would stay on course with its plan to trim its bond-buying program.
The Fed slashed its forecast for U.S. economic growth this year but expressed confidence the recovery was largely on track and would allow it to begin raising interest rates in 2015.
It reduced its monthly asset purchases from $45 billion to $35 billion a month, divided between $20 billion of Treasury securities and $15 billion of mortgage-backed debt. Spot gold was last up 0.2 percent at $1,273 an ounce after closing unchanged in the previous session. U.S. gold futures for August delivery settled 70 cents higher at $1,272.70 an ounce.
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