NEW YORK (MarketWatch) -- Gold futures surged to record highs above $1,090 an ounce Wednesday as the dollar sold off and buyers piled onto the precious metal's recent rise amid bets the Federal Reserve would maintain its ultraloose monetary policy.
After settling with modest gains, gold futures perked up in electronic trade after the Fed released its statement, repeating that economic conditions "are likely to warrant exceptional low levels of the federal funds rate for an extended period." It kept rates near zero percent.
December gold, the most active contract, rose to $1,092.1 an ounce, up from a floor settlement of $1,087.3 an ounce, as the U.S. dollar sold off further.
