Gold climbed as Fed ruled out chances of any interest rate hike this year, while a surprise cut in U.S. growth forecast added to concerns on global economic slowdown.
Having downgraded the U.S. growth, unemployment and inflation forecasts, the Fed brought its three-year drive to tighten monetary policy to an abrupt end.
The dollar fell sharply and U.S. Treasuries rallied after Fed’s decision on Wednesday, taking the benchmark 10-year yield to a 14-month low.
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