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Gold prices at 1-month high as dovish Fed stance lifts bullion appeal

By Eileen Soreng (Reuters) - Gold prices climbed to a one-month peak on Thursday after U.S. Federal Reserve Chair Jerome Powell soothed investor fears by reassuring that he was in no rush to tighten policy, lifting the metal s appeal as an inflation hedge. Spot gold was up 0.3% at $1,832.23 per ounce, as of 0752 GMT. Earlier in the session, bullion hit a peak of $1,833.65, its highest since June 16. U.S. gold futures climbed 0.4% to $1,832.90. Powell stuck to the view on Wednesday that the current price increases are transitory and the Fed expects to continue its bond-buying until there is substantial further progress on jobs, with interest rates pinned near zero likely until at least 2023.

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