"With regard to interest rates, we continue to expect it will be appropriate to maintain the current 0-0.25% target range for the federal funds rate until labour market conditions have reached levels consistent with the committee's assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% percent for some time," he said.

Gold rose to US$1,865 an ounce on the spot market.

Silver was back over $25/oz to $25.31 on the spot market and is up more than $8 or 48% for the past year.

Among precious metals equities, Premier Gold Mines (TSX: PG) gained 19% on news of a friendly acquisition by Equinox Gold.

For its part, Equinox (TSX: EQX) closed down 1.8%.

Aftermath Silver (TSXV: AAG), which this week unveiled a resource for its Challacollo silver project in Chile, rose 12.2%.

Meanwhile, First Cobalt (TSX: FCC) shot up 53.6% on news of a C$10 million investment by Canada's federal and provincial governments, enabling it to commission and expand its cobalt refinery north of Toronto.

Finally, South Africa had a public holiday yesterday for the day of reconciliation.