It also projected rates to remain on hold through 2023.

"In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the committee's maximum employment and price stability goals," it said.

Gold was above US$1,749 an ounce on the spot market at the time of writing.

Metals and mining stocks had risen more than 1% collectively in Toronto.

Barrick Gold closed up 1.7%, while junior South Atlantic Gold (TSXV: SAO) rose almost 31% on no news.

Copper was back above $9,000 per tonne and palladium has broken through $2,500/oz again, on supply tightness.

Norilsk Nickel said this week it expected its 2021 nickel, copper, platinum and palladium production to be 15-20% short of original guidance due to flooding at two of its mines in northern Russia.

Nornickel shares closed down 0.48% in Moscow.