Gold edged down from 12-week highs on Thursday after the US Federal Reserve acknowledged a challenging global economy but signalled it was unlikely to be deterred from raising interest rates this year. Spot gold was down 0.7 percent at $1,117.64 an ounce by 0635 GMT. It peaked at $1,127.80 on Wednesday, its highest since November 3. US gold for February delivery was up 0.2 percent at $1,118 per ounce, off a session high of $1,125.70.
After keeping US interest rates unchanged as expected, Fed policymakers said the economy was still on track for moderate growth and a stronger labour market even with "gradual" rate increases, suggesting its concern about global events had diminished but not squashed chances of a rate hike in March.
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