| On Thursday, gold shot up to a five-week high after dovish comments from the Federal Reserve threw fuel on currency fires already burning bright around the globe. In afternoon dealings in heavy volume gold futures with December delivery dates were priced at $1,153.10 an ounce in New York at its highs for the day and up $25.30 or 2.2% from Wednesday's close. Gold is now up 6.4% from a more than five-year closing low of $1,084 struck August 5.
China's shock currency devaluation that sent ripples through commodity dependent economies last week sparked the rally, while Fed minutes released on Thursday that indicated a rate hike is less likely in September led to a sell-off in the dollar, increasing jitters on currency and stock markets...............................................Full Article: Source
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