The dollar index rallied to a 13-month high and gold prices tumbled after the Federal Reserve's hawkish policy update. The dollar index rose 0.54%, supported by the FOMC's projection of higher interest rates later this year, a larger-than-expected rise in the Philadelphia Fed business outlook survey to 10.3, and weekly jobless claims falling to 226,000. August COMEX gold dropped $118.40, or 2.70%, and July silver fell $3.872, or 5.47%, pressured by the stronger dollar and reduced safe-haven demand after President Trump signed a preliminary deal to end the Middle East war. A 2% decline in WTI crude oil to a 3.5-month low limited dollar gains and provided some support to precious metals by lowering inflation expectations.