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Gold Soars 3.3% To End Above $1,300 On Fed Outlook, Iraq
Gold futures surged over three percent to end at a more than two-month high on Thursday, after the U.S. Federal Reserve yesterday said it expects to hold rates at record low for an extended period of time. The precious metal was also impacted by the ongoing conflict in Iraq, with investors keenly watching the scenario as militants are reported to be relentlessly marching toward Baghdad. Fed Chair Janet Yellen yesterday reassured markets that the Fed funds rate will hold near zero long after the central bank fully winds down its bond buying program later this year. Stoking inflation remains a key focus of the Fed even ... (full story)
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