Gold Rises Most in Two Weeks on Stalemate, Taper Bets
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Gold had the biggest gain in almost two weeks on speculation that the Federal Reserve will delay reducing fiscal stimulus amid the first U.S. government shutdown in 17 years, stoking demand for the metal as a store of value.
A budget impasse triggered furloughs for 800,000 federal workers as parks and other services were shuttered for a second day, subtracting at least $300 million a day in economic output, according to IHS Inc. Companies added fewer workers than forecast in September, the ADP Research Institute said today. On Sept. 18, the Fed unexpectedly refrained from reducing its $85 billion of monthly bond purchases.