Gold and silver are surging

Gold and other precious metals are rallying.

On Thursday morning, Gold climbed nearly 2%, crossing the key level of $US1,200 an ounce before settling near $US1,198 per ounce.

The metal is now up $US22 from the lows reached on Wednesday before the Federal Reserve updated its monetary policy statement.

Silver rallied more than 2% to as high as $US16.30 an ounce. Platinum also jumped 2% to around $US1,094.65 an ounce.

The Fed reduced lowered its projected trajectory of rate hikes this year through its “dot plot.” More members now see zero or just one rate hike by the end of this year.

Here’s a chart showing the rise in gold from Wednesday:

And in silver:

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