Gold hits highest since early May on Fed easing boost

The spot price of gold climbed by over 1% to $1,655 an ounce as the Federal Reserve said it is likely to ease monetary policy soon unless there is a sharp change in economic data.

It is the first time the precious metal has risen above the $1,660 an ounce mark since early May, as investors waited for clarity on Fed policy. The minutes of the latest meeting of the Federal Open Market Committee showed members were behind imminent further action, the Financial Times reports.   "Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery," according to the the minutes. It also discussed a range of tools it c...