Spot gold surges on QE hopes

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Spot gold in the international surged to a near 3-week high as Federal Reserve Chairman Ben Bernanke hinted at an accommodative monetary policy. Check Indian gold rates here

Spot gold in the international market was trading at $1286 an ounce, up 2 per cent. Federal Reserve Chairman Ben Bernanke said that a highly accommodative Monetary policy was needed in the US. This raised hopes that interest rates would continue to remain low and quantitative easing in the US would continue in the form of the Fed's asset buying programme.

Minutes from the June Fed meet also showed that many of the Bank's policy makers wanted an end to the stimulus by the year end provided that the US jobs recovery was on track.

Analysts believe that gold could move higher as the Fed would not taper off the stimulus as was expected in Sept.

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