Gold rose on Wednesday, recovering from its biggest one-day drop in nearly a month, boosted by the dollar's early fall on expectations the US Federal Reserve will maintain a loose monetary policy despite signs of price pressures. Spot gold was at $1,457.30 an ounce by 2:39 pm EDT (1839 GMT), up slightly from $1,453.95 an ounce late Tuesday. It was in the middle of a new, higher plateau, a day after selling off from a record peak at $1,476.21 hit on Monday.
US gold futures for June delivery closed up $2 at $1,455.60 an ounce, then rose further in after-hours trade. Gold got a boost from the Fed's Beige Book report, which noted signs that higher raw material and energy costs were adding to price pressures. Gold fell below $1,445 an ounce on Tuesday as falling oil prices knocked commodities, but worries over unrest in North Africa and eurozone debt, plus expectations the Fed would lag other central banks in tightening monetary policy, pulled precious metal prices back up on Wednesday. Silver was bid higher at $40.53 an ounce against $40.04 previously. Platinum was higher at $1,771.49 an ounce against $1,765.70, and palladium advanced to $764.47 against $761.40.
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