“In determining whether it will be appropriate to raise the target range at its next meeting, the committee will assess progress – both realised and expected – toward its objectives of maximum employment and 2% inflation,” the FOMC said.
“This assessment will take into account a wide range of information, including measures of labour market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
“The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labour market and is reasonably confident that inflation will move back to its 2% objective over the medium-term.”
Gold rose to $US1176.10 an ounce, while Wall Street stocks rose by more than 1%.
The Australian dollar dropped to 71c, boosting the local spot gold price to $A1630.44/oz.
The iron ore spot price resumed its downward trajectory, dropping 3% to $US49.95 per tonne, its lowest level since July.
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