|Day's range||1,361.30 - 1,397.70|
(Bloomberg) -- Gold surged to the highest in more than five years after the U.S. Federal Reserve indicated a readiness to cut interest rates.Bullion for immediate delivery jumped as much as 2.5% to $1,394.11 an ounce, the highest since September 2013, and traded at $1,382.83 by 9:13 a.m. in Singapore. Futures in New York climbed as much as 3.6% to $1,397.70 an ounce, also the highest since 2013.The metal has rallied since late May as investors seek havens amid slowing global growth due to the fallout from the U.S.-China trade dispute and as central banks globally adopt a more dovish tone. While the Fed left its key rate unchanged on Wednesday, it dropped a reference to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year.To contact the reporter on this story: Ranjeetha Pakiam in Singapore at email@example.comTo contact the editors responsible for this story: Phoebe Sedgman at firstname.lastname@example.org, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Spot gold climbed to close at the highest in more than two years after the Federal Reserve signaled a readiness to cut U.S. interest rates, citing increased economic uncertainties.While policy makers left their key rate unchanged on Wednesday, they dropped a reference in their statement to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year.Gold has posted four straight weekly gains, partly on bets that the Fed will lower interest rates amid signs that escalating trade disputes are affecting the U.S. economy. Low rates are a boon to precious metals, which don’t offer yields.“Even though the Fed didn’t cut rates, the market expectation for a dovish environment and a likely rate cut in July are positive for gold,” Maxwell Gold, the New York-based director of investment strategy at Aberdeen Standard Investments, said by email. “As concerns around slowing global growth and trade put further pressure on monetary policy globally, gold may see further support.”The Fed still expects a strong labor market and inflation to be near its goal but “uncertainties about this outlook have increased,’’ the Federal Open Market Committee said in the statement following a two-day meeting in Washington.Bullion for immediate delivery rose 1% to settle at $1,360.38 an ounce, the highest closing price since August 2016.To contact the reporters on this story: Joe Richter in New York at email@example.com;Marvin G. Perez in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Joe Richter, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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