Hot! Gold Jumps 2 Pct as Fed Stimulus Fans Inflation Fears

Reuters | Gold surged 2 percent on Thursday, approaching its high for the year after the Federal Reserve launched another aggressive, bullion-friendly economic stimulus program.

The metal received a strong vote of confidence after the U.S. central bank said it would buy $40 billion of mortgage-backed debt each month until the U.S. jobs outlook improved substantially, as long as inflation remained contained.

Market watchers said the Fed’s unprecedented step was essentially shifting its focus to employment from price stability, a move that was seen as very bullish for gold, a traditional inflation-hedge.

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