Gold prices drift higher as Fed stands pat on key interest rate
The Fed held interest rates steady on Wednesday, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.
edged higher on Thursday after the U.S. kept its key steady, as expected, and indicated that it is still leaning toward eventual .FUNDAMENTALS
* Spot gold was up 0.3% at $2,323.66 per ounce, as of 0037 GMT, after climbing more than 1% in the previous session.* U.S. gold futures rose 1% to $2,333.30 per ounce.
* The Fed held interest rates steady on Wednesday, but put a red flag on recent disappointing readings that could make those rate cuts a while in coming.
* Chair Jerome Powell said his forecast remained for inflation to fall over the course of the year, but that "my confidence in that is lower than it was."
* U.S. short-term interest-rate futures rose after the Fed meeting, as traders added to bets that the U.S. central bank will deliver at least one rate cut this year.
* Lower rates increase the appeal of holding non-yielding bullion.
* Investors are now looking forward to the U.S. , which is due on Friday.
* The ADP Employment report on Wednesday showed that U.S. private payrolls increased more than expected in April while data for the prior month was revised higher.
* A report from the U.S. Labor Department showed that U.S. job openings fell to a three-year low in March, while the number of people quitting their jobs declined.
* Spot silver rose 0.6% to $26.79 per ounce, platinum gained nearly 1% to $958.95 and palladium advanced 0.8% to $956.31.
