Dollar Declines Gold Spikes After Fed announcement

Posted by Charles Gunning

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Gold Spikes Post Fed

The dollar declined to almost a three-month low as the Federal Reserve announced it will refrain from reducing its $85 billion in monthly bond purchases and keep pumping money into the U.S. economy in an attempt to boost growth.

Spot gold last rose 3 percent to $1,347 an ounce after earlier being flat. It touched its lowest since Aug. 8 at $1,291.34 earlier.U.S. gold futures for December delivery edged higher jumped 1.9 percent near $1,334 an ounce.