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Gold hit a one-week high on Thursday after the U.S. Federal Reserve signaled a cautious stance on interest rate policy this year. The dollar was pushed to its lowest in a month.The Fed has raised interest rates for the second time in three months and there are no signs of inflation.

In a very recent research note, analysts at Bank of America Merrill Lynch highlighted its recent dip but said there were reasons for optimism. "While tighter monetary policy is not bullish, inflation and a range of uncertainties, including European elections and protectionism should support the yellow metal. As such, we see prices at $1,400 (per troy ounce) by year-end".

March 16 page 001

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