Gold declines from two-week high on dollar as Fed boost wanes

London: Gold on Thursday retreated from almost two-week highs as the dollar climbed even after the Federal Reserve indicated that it is in no rush to raise interest rates.

Gold fell 0.2 per cent to USD 1,164.85 an ounce. The metal rose to USD 1,177.96 earlier Thursday, the highest since March 6. Silver also fell 0.4 per cent to USD 15.88 an ounce.

Gold gave up gains of as much as 0.9 per cent to trade little changed in London as the Bloomberg Dollar Spot Index, which tracks the greenback's value against 10 major peers, climbed as much as 1.1 per cent, ending a three-day drop.

Meanwhile, gold rose the most in two months after Fed policy makers indicated on Wednesday that interest rates may rise at a slower pace than estimated.