Metals Stocks: Gold soars to five-year high after Fed hints at interest rate cuts

Gold prices shot to levels not seen since 2013 on Thursday, as investors flocked to the metal after the U.S. Federal Reserve left key interest rates unchanged but shifted away from its “patient” stance on monetary policy.

In electronic trading, August gold GCQ19, +2.71% soared $33.50, or 2.5%, to $1,382.20 an ounce. The contract slipped $1.90 to settle at $1,348.80 an ounce. On a continuous contract basis, gold was trading at its highest level since September 2013, according to FactSet data.

Gold began climbing higher in electronic trading Wednesday after a statement that followed the gold futures’ settlement.

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