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Gold hits near 6-year high after Fed signals rate cut
Gold prices surged to a near six-year peak on Thursday after the U.S. Federal Reserve bank signaled it was ready to cut interest rates as early as next month to boost growth, triggering a sharp fall in the dollar. Spot gold jumped 2.2% to $1,390.38 per ounce by 1:32 p.m. EDT (1732 GMT). Prices touched $1,392.84, their highest since early September 2013. U.S. gold futures settled 3.6% higher at $1,396.90 per ounce. “More than the actual impact itself, was the shift in expectations,” said Ryan Giannotto, Director of Research at GraniteShares with reference to the Fed’s statement. “Expectations were very high ... (full story)