The gold price rose to its highest level in nearly four weeks on Thursday, reaching over $1,200 per ounce following the US Federal Reserve's decision to keep interest rates at zero for the time being. As of 3:00 p.m. EST, gold for August delivery had risen $25.20, or 2.1 percent, to $1,202. The central bank's updated monetary policy shows that all of its 17 members expect the federal funds rate to remain under 1 percent for 2015, with most seeing the rate between 0.5 percent and 0.75 percent. While that is still just a prediction and has dropped from the expectations put out by the group in March, it does signal that a hike is likely on the horizon. The news put downward pressure on the US dollar and in turn, gold and other commodities were given a boost. However, even though the Fed downgraded its forecast for the economy this year, dropping its growth forecast to between 1.8 and 2 percent from its spring projection of 2.3 to 2.7 percent, a Fed press release sent out on Wednesday points out the positives. "Information received since the Federal Open Market Committee met in April suggests that economic activity has been expanding moderately after having changed little during the first quarter. The pace of job gains picked up while the unemployment rate remained steady," it states. "Growth in household spending has been moderate and the housing sector has shown some improvement; however, business fixed investment and net exports stayed soft." Greece concerns bumps up gold Worries about Greece also helped boost the gold price on Thursday. The country's meeting with creditors is fast approaching, and according to The Wall Street Journal, Eurozone officials have said they would have to see "significant concessions" from Athens in order to bridge the rift in bailout negotiations.