Gold futures bounced back to settle higher on Thursday as the U.S dollar beat a hasty retreat after the Federal Reserve scaled back expectations for the next interest-rate hike.

Gold for April delivery tacked on $35.20, or $2.9%, to settle at $1,265.

Gold has reclaimed its upside momentum and has the potential for an extended rally if it closes above $1,287.80 in the near term, which was last week’s high, said Jim Wyckoff, senior analyst at Kitco.com, in a report.

In other metals, silver leapt 5.1% to $16 an ounce, while copper rose 2.6%, to $2.27 an ounce.

Source : Marketwatch