Gold prices rose to approach $2,000 per ounce in late March, the highest in one year, as investors continued to digest the Federal Reserve&rsquo s March meeting and risks to the global banking system. The US central bank raised its funds rate by 25bps, as widely expected, but struck a dovish tone in its policy report and Summary of Economic Projections. The FOMC projected a single quarter-point increase remaining in its hiking campaign, consistent with December&rsquo s estimate, as elevated turmoil in the US financial system reduced the Fed&rsquo s leeway of response to higher inflation and lower unemployment forecasts. Gold is highly sensitive to the rates outlook as lower interest rates reduce the opportunity cost of holding non-yielding bullion. Precious metal prices were also supported by a fresh flight to safety after Treasury Secretary Yellen told lawmakers the US government was not considering a &ldquo blanket insurance&rdquo for bank deposits, reigniting concerns about the financial crisis.