A shocking move Thursday from the Swiss National Bank sent the gold price today soaring to $1,264.80 – a four-month high.
Switzerland's central bank surprised gold markets when it scrapped a three-year-old cap on the franc. The safe haven currency, along with safe haven gold, surged on the news.
Spot gold was up $33.60, or 2.76%, to 1,264.60 an ounce just before noon. It closed up $30.30, or 2.5%. That was the yellow metal's highest price since Sept. 8.
The Swiss franc also enjoyed a robust rally.