Spot gold rose 0.5% to $2,046.63 per ounce by 0355 GMT. The Fed left interest rates unchanged and knocked down the idea that the U.S. central bank could cut rates in the spring, but dropped a long-standing reference to possible further hikes. Futures pared bets for a rate cut in March to 35.5% from 90% at 2023-end, but increased chances of a reduction in May to 96%, according to LSEG's interest rate probability app IRPR. Traders are pricing in about 142 basis points (bps) of Fed rate cuts for this year, up from bets of about 130 bps of reductions on Wednesday morning. Data showed U.S. private payrolls rose far less than expected in January.

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Persons: Gold, Jigar Trivedi Organizations: Korea Gold Exchange, Reserve, Reliance Securities, Traders, U.S, New, New York Community Bancorp, Treasury, Investors Locations: Seoul, South Korea, U.S, New York