Gold futures settled higher on Wednesday, kindled by the less hawkish Federal Reserve rate hike of 25 basis point amid recent financial market turmoil. The Fed chairman although reaffirmed that it may raise rates higher than expected if needed to tackle the inflation, also supported safe haven appeal of the bullion. Besides, a softer dollar and weakness in bond yields also spurred yellow metal investments.
Gold futures for April jumped by $8.50 or 0.4% to finish at $1949.60 ounce on the Comex division of the New York Mercantile. Spot gold rose by $7.40 or 0.36% to $1,977.15 per ounce.