Metals

Gold rises after Fed announcement

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Gold prices rose on Wednesday after the Fed announcement. Spot gold jumped 1.18 percent to $1,212.50 per ounce, while U.S. gold futures for April delivery rose $1.90 to settle at $1,200.70.

Gold futures hit $1,214.90 earlier, the highest level since March 8 when futures hit $1,218.50.

For the second time in three months, the Federal Reserve increased its benchmark interest rate a quarter point amid rising confidence that the economy is poised for more robust growth.

In December the Fed forecast three rate rises this year.

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Immediately prior to the Fed announcement at 1:55 pm ET, spot gold edged up 0.44 percent to $1,203.60 per ounce. U.S. gold futures inched up 0.03 percent at $1,203 per ounce.

Investors were also focusing on Wednesday's Dutch elections, which have been boosting gold's safe-haven appeal.

The Party for Freedom is seen as having little chance of coming to power, but a strong election performance for the group that wants to "de-Islamicise" the Netherlands would fuel worries over a surprise result in French presidential elections in April and May.

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Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.36 percent to 834.99 tons on Tuesday from Monday. Holdings rose for a second straight session after outflows last week.

Spot silver was up 1.75 percent at $17.14.

Platinum rose 1.37 percent at $945.30, while palladium gained 0.87 at $750.50. On Tuesday, palladium prices hit their lowest since Jan. 31 at $741.75.

—CNBC's Jeff Cox contributed to this report.