--Comex August gold recently trades up $36.60, or 2.9%, at $1,284 a troy ounce --Federal Reserve meeting minutes support easing expectations --Silver hits three-week high, up 4.5% By Matt Day and Francesca Freeman NEW YORK--Gold futures surged by nearly 3% Thursday, touching a two-week high as investors bet the Federal Reserve would stick to its stimulus program for longer than preciously expected after the release of details from the central bank's most recent meeting. The most actively traded contract, for August delivery, was recently up $36.60, or 2.9%, at $1,284 a troy ounce on the Comex division of the New York Mercantile Exchange. Futures rose as high as $1,297.20 a troy ounce, the highest intraday price since June 24. Minutes from the Federal Reserve's most recent policymaking committee meeting, released late Wednesday, revealed a split between members over when to start slowing the Fed's $85 billion-a-month bond-buying program. Around half of the 19 members of the Federal Open Market Committee supported scaling back purchases before the end of the year, while "many" others said asset purchases would likely be required into 2014. Mr. Bernanke lent his voice to the debate later Wednesday, saying in a speech that the Fed's highly accommodative monetary policy is needed for the foreseeable future, and that it is likely the central bank won't raise interest rates "for some time," even after the unemployment rate falls to 6.5%. "The marketplace now believes the Fed will start to 'taper' its monthly bond buying program later rather than sooner," said Jim Wyckoff, an analyst with Kitco Metals, in a note. The Federal Reserve's bond-buying program played a key role in driving gold prices to record highs above $1,900 an ounce in late 2011, as investors bought the metal as a hedge against the perceived risks of higher inflation and a weaker dollar. Silver surged to a three-week high. Futures for September delivery recently traded up 4.5% at $20.035 a troy ounce on the Comex.

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