Exchange traded funds (ETFs) that hold gold and silver rose Wednesday after the Federal Reserve said it would keep its benchmark interest rate near zero, adding its bond-buying program would end on June 30 as planned.

SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) moved higher after the Fed statement. However, the bigger event of the day is likely the first-ever press conference by Fed Chairman Ben Bernanke.

The Fed on Wednesday said the economic recovery is proceeding at a moderate place and overall conditions in the labor market are improving gradually.

“Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued,” according to the statement.

Full disclosure: Tom Lydon’s clients own GLD and SLV.

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