Gold prices jumped to their highest level in more than five years on Thursday, after the US Federal Reserve signaled possible interest rate cuts later this year. The Fed held interest rates steady, as expected, but said it "will act as appropriate to sustain" the country's economic expansion as it approaches the 10-year mark and dropped a promise to be "patient" in adjusting rates. Spot gold was up 1.3 per cent at $1,377.41 per ounce as of 0117 GMT, after hitting its highest since March 17, 2014, at $1,383.81. The dollar index fell to a near one-week low on Thursday after the Fed signaled a possible rate cut by the end of the year, while 10-year US Treasury yield dropped to its lowest level in nearly two years.
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