<p>Gold prices rose to its highest level in over a week on Thursday after the US Federal Reserve failed to give a timeline for its tapering plans and said it was "ways away" from considering raising interest rates.</p>.<p>Spot gold rose 0.5 per cent to $1,815.56 per ounce by 6:59 am, having earlier hit a peak since July 20 at $1,817.35.</p>.<p>US gold futures climbed 0.9 per cent to $1,815.30 per ounce.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/whats-become-of-indias-1-billion-covid-19-aid-cryptocurrency-donations-1014074.html" target="_blank">What's become of India's $1 billion Covid-19 aid cryptocurrency donations? </a></strong></p>.<p>While the US central bank acknowledged discussing the eventual withdrawal of pandemic-era monetary policy support in its statement, Chairman Jerome Powell said the US job market still had "some ground to cover" before it would be time to pull back.</p>.<p>Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.</p>.<p>Powell also downplayed the risk of the spread of the Delta variant of the coronavirus on the economic recovery.</p>.<p>Fed's policy statement weighed on the dollar index, which hit a two-week low on Wednesday, making gold cheaper for holders of other currencies.</p>.<p>The Centers for Disease Control and Prevention (CDC) said on Wednesday that 66.6 per cent of US counties had transmission rates of Covid-19 high enough to warrant indoor masking and should immediately resume the policy.</p>.<p>Silver rose 0.9 per cent to $25.15 per ounce.</p>.<p>Palladium rose 0.6 per cent to $2,641.69 per ounce, while platinum gained 0.8 per cent at $1,073.42.</p>
<p>Gold prices rose to its highest level in over a week on Thursday after the US Federal Reserve failed to give a timeline for its tapering plans and said it was "ways away" from considering raising interest rates.</p>.<p>Spot gold rose 0.5 per cent to $1,815.56 per ounce by 6:59 am, having earlier hit a peak since July 20 at $1,817.35.</p>.<p>US gold futures climbed 0.9 per cent to $1,815.30 per ounce.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/whats-become-of-indias-1-billion-covid-19-aid-cryptocurrency-donations-1014074.html" target="_blank">What's become of India's $1 billion Covid-19 aid cryptocurrency donations? </a></strong></p>.<p>While the US central bank acknowledged discussing the eventual withdrawal of pandemic-era monetary policy support in its statement, Chairman Jerome Powell said the US job market still had "some ground to cover" before it would be time to pull back.</p>.<p>Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.</p>.<p>Powell also downplayed the risk of the spread of the Delta variant of the coronavirus on the economic recovery.</p>.<p>Fed's policy statement weighed on the dollar index, which hit a two-week low on Wednesday, making gold cheaper for holders of other currencies.</p>.<p>The Centers for Disease Control and Prevention (CDC) said on Wednesday that 66.6 per cent of US counties had transmission rates of Covid-19 high enough to warrant indoor masking and should immediately resume the policy.</p>.<p>Silver rose 0.9 per cent to $25.15 per ounce.</p>.<p>Palladium rose 0.6 per cent to $2,641.69 per ounce, while platinum gained 0.8 per cent at $1,073.42.</p>