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1st LD Writethru: Gold up slightly on Fed statement

Xinhua, March 19, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as the U.S. Federal Reserve ended their monthly Open Market Committee meeting.

The most active gold contract for April delivery rose 3.1 U.S. dollars, or 0.27 percent, to settle at 1,151.30 dollars per ounce.

The U.S. Federal Reserve said Wednesday that it is unlikely to raise interest rates in April, but dropped the word "patient" from its policy statement, setting the stage for an interest rate hike later this year. Some analysts said this is indicating the first rate hike after 2006 might not take place until September.

The dollar fell 1.5 percent against a basket of currencies after the statement, helping to support gold prices, analysts said.

The minutes from the Federal Open Market Committee, the decision-making committee of the U.S. central bank, are scheduled to be released after the market closes on Wednesday.

Silver for May delivery dropped 3.7 cents, or 0.24 percent, to close at 15.541 dollars per ounce. Platinum for April delivery fell 1.1 dollars, or 0.10 percent, to close at 1,092.60 dollars per ounce. Endite