August 9, 2011 / 2:13 PM / in 6 years

Gold extends gains as Fed pledges low rates until 2013

NEW YORK (Reuters) - Gold extended its gains on Tuesday after the Federal Reserve said it would keep interest rates low for at least another two years to help a U.S. economy that is growing considerably weaker than expected.

At 2:36 p.m. EDT, benchmark U.S. gold futures for December delivery GCZ1 were at $1,753.50 per ounce in post-session trading, up 2.4 percent, after rallying as much as 3 percent initially on the Fed statement. December gold earlier hit a record high of $1,782.50 during Tuesday’s official session.

Spot gold was at $1,753.70 an ounce, up 2 percent. It hit an all-time peak at $1,778.29 in early trading.

Reporting by Barani Krishnan

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