Gold prices rallied, with the GLD ETF climbing over 1.8%, after the Federal Reserve announced its decision to keep interest rates unchanged. The move was largely interpreted by the market as a less aggressive monetary policy stance than some had feared. This decision prompted a weakening of the U.S. dollar, further boosting the appeal of dollar-denominated gold for foreign buyers. Markets had been positioned defensively with significant uncertainty ahead of the announcement, leading to a sharp relief rally once the decision was publicized.