Gold rose more than 1% following the Fed's decision
Reach a new 9 month high peak
Gold benefited from the Fed's dovish statement and USD investment
Gold prices soared to a fresh 9-month high on Thursday after a dovish Federal Reserve (Fed) statement sent the US dollar lower.
In the Asian session, the yellow metal traded firmly around $1,952 an ounce, down slightly from the $1,957 peak it hit earlier in the session.
The Federal Reserve has decided to raise interest rates by 25 basis points and said continued increases may be needed to return inflation to its 2% target.
However, investors are more focused on the signal given by Chairman Jerome Powell, where he said the process of disinflation (decreasing inflation) has begun.
Powell also said the central bank did not want excessive tightening, signaling that the next rate hike would remain slow.
The price of gold, which initially fell low, bounced back as the US dollar trade slipped to the lowest level against its main competitor.
