Gold hits session high of $1,300 as Fed leaves rates unchanged

Gold prices hit a session high of $1,300 Wednesday as the US Federal Reserve kept rates unchanged and trimmed back its longer-term interest-rate forecasts, in a sign of greater caution at the central bank.

The Fed held the target range for the federal funds rate at 0.25% to 0.5%, where it has been since the central bank hiked rates by a quarter point from near-zero levels in December.

The precious metal had traded moderately lower Wednesday morning, on some profit-taking pressure from recent gains and on position evening by the shorter-term futures traders.

Gold hits session high of $1,300 as Fed leaves rates unchanged

Concerns over an upcoming vote on Britain's membership of the European Union also underpinned prices.

Spot gold was last at $1,293 an ounce, while gold futures for August delivery traded 30 cents an ounce lower at $1,287.80 on the Comex in New York, headed for the first decline in six sessions. Prices touched the highest for a most-active contract since May 6 on Tuesday.

The metal is up more than 20% this year, but gold mining equities have doubled and the sector as a whole has returned 53%.