Gold price sets a new record above 3,050 USD following Fed verdict

Gold reached a new all-time high on Wednesday afternoon, surpassing the 3,050 USD per ounce mark, following projections by U.S. policymakers for slower growth and higher inflation.
By 5 p.m. in New York, spot prices were up 0.4 percent, trading at 3,045.66 USD an ounce, after briefly reaching 3,051.42 USD. U.S. gold futures also rose 0.6 percent, reaching 3,056.20 USD an ounce.
This record-setting price followed a press conference by U.S. Federal Reserve Chairman Jerome Powell, who acknowledged the “high degree of uncertainty” stemming from significant policy changes under President Donald Trump. However, Powell emphasized that the Federal Reserve is in no rush to adjust borrowing costs and will wait for “greater clarity” before taking action. 
Despite rising inflation, the Federal Open Market Committee decided to maintain the federal funds rate within the range of 4.25 percent to 4.5 percent. This decision, along with a decline in both the U.S. dollar and Treasury yields, increased gold's appeal to investors.

Source: www.mining.com