Gold surged over 3 percent for its best day in eight months on Thursday as the Federal Reserve's lack of commitment to raise interest rates and continued tensions in the Middle East unleashed a wave of short covering. Bullion hit its highest level in more than two months. Silver jumped as much as 5 percent, while platinum and palladium also climbed as new hurdles emerged to settling South Africa's mining strike.
Spot gold was up 3 percent at $1,315.90 an ounce by 3:52 pm EDT (1952 GMT), having earlier hit $1,321.70, a two-month high.
US COMEX gold futures for August delivery settled up $41.40 at $1,314.10 an ounce. Silver gained 4.1 percent to $20.68 an ounce, having earlier hit $20.91, a three-month high. It notched its biggest one-day gain in four months.
Platinum rose 1.6 percent to $1,467.70 an ounce and palladium was up by 1.5 percent to $835.05 an ounce. Both were trading near one-week highs as a mining strike in major producer South Africa looked set to drag on.
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