Bullionguru’s,”Gold soars to 6-week high as Fed strikes dovish tone on inflation”

© Reuters. Gold soars to 6-week high on dovish Fed

Gold prices soared to the highest level in six weeks in European trade on Thursday, after the Federal Reserve’s more cautious wording on the U.S. inflation outlook added to expectations that policy tightening would be glacial at best.

Comex gold futures were at $1,262.82 a troy ounce by 3:00AM ET (0700GMT), up $13.60, or about 1.1%. It touched its highest since June 15 at $1,265.14 earlier in the session.

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