Gold futures log highest finish in 7 weeks, then edge higher after FOMC statement

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Gold futures rallied Thursday to mark their highest finish in about seven weeks, finding support after the Bank of England said it would buy £150 billion ($195 billion) more of U.K. government bonds. The British pound climbed in the wake of the news, contributing to a weaker dollar, which boosted dollar-denominated gold prices. Gold prices then extended their gains in electronic trading after the Federal Reserve left key U.S. interest rates near zero. The central bank also said the economy is recovering but still “well below” precrisis levels. In electronic trading, December gold was at $1,949.80 an ounce, after settling up $50.60, or 2.7%, at $1,946.80 an ounce for Thursday’s session.
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