If the fed had lifted rates, then this would have had a negative...

If the fed had lifted rates, then this would have had a negative impact on equities and gold in the short term. However the fed kept rates on hold which gives an indication that the next move may be down, sometime this year. Gold went up on perception that the feds next move is down and now up. Lower interest rates is very bullish on gold since low interest rates means the $US will go down, hence investors will buy up on gold, cheers