Gold is rallying Wednesday, up 1.73% at $1334 an ounce. This after the Federal Open Market Committee raised its benchmark interest rate 25 basis points to a range between 1.50% and 1.75%.
The dollar fell after the Fed's decision. The central bank signaled that there will be two more rate hikes this year, drawing more investors toward gold. Some market participants had speculated the Fed could turn a bit more hawkish and suggest a fourth rate hike in 2018.