Gold Tops $1,770 After Fed Announces QE3 to Boost Economy

Gold topped $1,770 an ounce for the first time since February after the Federal Reserve announced a third round of round of quantitative easing to boost the U.S. economy and reduce unemployment.

The central bank said today that it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month. Gold jumped 3.1 percent last week amid speculation that the Fed would announce measures to stimulate economic growth, increasing demand for the metal as an inflation hedge.