2016.06.1608:38:00UTC+00Gold Skyrockets Above $1300 As Fed Dithers

Gold futures surged Thursday morning, blasting through $1300 an ounce after the Federal Reserve gave no hint of a summertime interest rate hike.

The central bank held steady on rates yesterday and appear to be in no hurry to tighten monetary policy in the wake of May's dismal jobs report.

While economic growth "appears to have picked up," jobs gains had "diminished" and "business fixed investment has been soft," the Fed said.

Gold for August surged up $22 to $1,311 an ounce, the highest in more than a year. Gold has been rising seven days in a row.