The central bank of the U.S. committed to keeping interest rates at record low levels on Tuesday for the next 24 months, pushing gold futures higher in value on Wednesday, according to Bloomberg.
Bullion is driving toward 11 straight years of annual gains, having increased 24 percent in value thus far this year. Now standing at $1,782.50 per troy ounce, the yellowish metal's all-time high has been set several times during the past week amid economic turmoil in the U.S.
"The overall problems in the U.S. are far from over and the appetite for haven assets like gold is very strong," Viral Shah, vice president at Geojit Comtrade in Mumbai, told the news service. Investors "want to opt out from the other asset classes and that is always going to be to the benefit of gold."
At 6:27 a.m. on Wednesday, gold futures increased 0.90 percent, a $15.70 gain to $1,758.70 per troy ounce.
Ben Bernanke, chairman of the U.S. Federal Reserve, resisted peers pushing him to raise interest rates, Reuters reports, advocating for growth and development in the U.S. as top charges of the financial institute.
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