BENGALURU, June 20 (Reuters): Gold prices surged 2.0 per cent to their highest in more than five years on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar lower and US Treasury yields plunging.
Spot gold was up 1.7 per cent at $1,382.70 per ounce as of 0657 GMT, after hitting its highest since March 17, 2014 at $1,386.38. US gold futures jumped 2.8 per cent to $1,386.30 an ounce, after touching their highest since April 2018 at $1,397.70.
The Fed on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month, as it took stock of rising trade tensions and growing concerns about weak inflation.
Gold sprints to over 5-yr peak
FE Team | Published: June 20, 2019 21:42:31
Gold sprints to over 5-yr peak
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