Gold prices added to overnights gains in North American trade on Thursday, climbing to a more than two-week high after the Federal Reserve gave no indication whether it would raise rates at its next meeting in September.
Gold for December delivery on the Comex division of the New York Mercantile Exchange climbed to a session high of $1,352.60 a troy ounce, the most since July 12. It last traded at $1,350.35 by 12:50GMT, or 8:50AM ET, up $15.85, or 1.19%. A day earlier, gold tacked on $6.20, or 0.46%.
The Fed left interest rates unchanged on Wednesday and said near-term risks to the U.S. economic outlook had diminished. However, the central bank stopped short of signaling a near-term rate rise.
Fed funds futures are currently pricing in an 18% chance of a rate hike by September, down from around 22% the day before. December odds fell to 43% from 52% earlier in the week.
The yellow metal is sensitive to moves in U.S. interest rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.