Gold surged 2 percent on Thursday, approaching its high for the year after the Federal Reserve launched another aggressive, bullion-friendly economic stimulus program. Spot gold was bid at $1,765.40 an ounce as of 3:08 pm EDT (1758 GMT) after hitting a high of $1,772.26, within striking distance of a 2012 high of $1,790 set on February 29.
US COMEX gold futures for December delivery settled up $38.40 at $1,772.10 an ounce, with trading volume poised to hit its highest level since late July and 40 percent above its 250-day average, preliminary Reuters data showed. Silver, which tends to be more speculative and volatile than gold, rallied 3.7 percent to $34.50 an ounce. Among other precious metals, spot platinum rose 2.7 percent to $1,679.99 an ounce, while spot palladium climbed 1.9 percent to $683.82.
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