2017.12.1414:36:00UTC+00Gold Rises Further As ECB Stands Pat

Gold prices rose Thursday as traders continued to assess yesterday's dovish Federal Reserve statement.

The Fed raised the benchmark U.S. interest rate to a range of 1.25% to 1.5%, but was cautious about future rate hikes amid stubborly low inflation.

The European Central Bank, the Bank of England and the Swiss National Bank all decided to leave their respective interest rates unchanged today.

ECB President Mario said the bank was more confident of inflation reaching its target of "below, but close to 2 percent" than it was two months ago.

Feb. gold gained $8.50, or 0.7%, to settle at $1,257.10/oz, the highest of the week.