Gold Prices Hit Record High Following Fed Meeting

Gold prices jumped to record highs Wednesday, a day after the Federal Reserve's latest policy meeting.

The price of bullion reached a new record of $1,294.95 an ounce, before slipping to $1,293.10 an ounce, Reuters reported.

The Fed's statement Tuesday that it is "prepared to provide additional accommodation if needed," was interpreted by some analysts as a willingness to engage in additional monetary stimulus.

Such stimulus could lower the value of the dollar, making gold a more attractive asset.

"We interpret this as a conditional easing bias," Credit Agricole analyst Robin Bhar told Reuters.