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Spot gold jumps to a 5-year highs on Thursday, as Federal Reserve interest rates unchanged

  • Prices of the precious metal surged as high as $1,394.00 on Thursday.
  • Gold for August (GCQ19) delivery spiked close to $35 an ounce to $1,385.00.
  • Negative bond yields and low interest rates are driving gold prices higher.

Spot gold rose to the highest since September 2013 following the Fed’s monetary policy meeting on Wednesday, on hopes of a rate cut later this year. Spot prices have gained close to 3% this week and are well supported by the uncertainty in the Sino-US trade tariffs and a slowdown in global economic growth.