Gold is trading at $1,120 as of 21:15pm, GMT, with a bearish trend Gold rose further on Wednesday after having gained more than 1 percent the previous day as a U.S. Federal Reserve decision to hold interest rates unchanged burnished the metal's investment appeal. Gold has risen as much as 2.6 percent this week after investors turned to the metal for safety because of currency volatility related to debt problems in Europe, but a break above a recent high near $1,150 was needed to sustain the gains. "Investors are buying back gold after the Fed decided to keep interest rates unchanged," a dealer in Hong Kong said. "The physical market is quiet because the price is moving higher, but there's not a significant amount of scrap being returned. That's why the market is balanced." Gold is trading at $1,120 as of 21:15pm, GMT, with a bearish trend. Gold’s Pool-position is 54% long, meaning that just over half of Finotec clients are buying the precious metal.

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