Gold rallied more than 1.5 percent to a one-week high on Wednesday, as the U.S. Federal Reserve called for gradual monetary tightening after raising interest rates by an expected 25 basis points for the second time in three months. The central bank said in its policy statement that further hikes would only be "gradual," with officials sticking to their outlook for two more rate hikes this year and three more in 2018. Policymakers’ dovish tone drove the dollar lower, while gave a boost to gold. Elections in the Netherlands and looming Brexit talks have been boosting gold's safe-haven appeal.
Gold rebounded sharply to around $1,220 an ounce as expected after Fed raised interest rates, and is expected to consolidate at current level, or pull back in coming sessions.
Silver surged on Wednesday, up over 2 percent as expected to around $17.40 an ounce. The white metal is expected to track gold, consolidating or pulling back in coming sessions.

 
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