Gold bullion for immediate delivery rose to $1,319.55 during Asian trading following the Fed’s announcement to keep long term interest rates near zero. The gold price is now on course for its first back to back quarterly rise since 2011.

Year to date the gold price has risen 9.8% as investors become concerned the U.S. economy is deteriorating. Only this week the U.S. Department of Commerce confirmed the U.S. economy shrunk by 2.9% in the first quarter.

If the economy continues to falter the Fed will be under pressure to keep interest rates low which will be good for both the gold and silver price

The silver price increased 0.40% to $21.18 per ounce, Platinum rose 0.20% to $1,473.38 per ounce and palladium added 0.30% to close at $838.08 per ounce.