Gold Falls as Dollar Rises After Fed Cites Economic Gains
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Gold fell as the dollar rebounded after the U.S. Federal Reserve cited “improvement in economic activity and labor market conditions.”
The greenback gained as much as 0.3 percent against a basket of 10 currencies, eroding gold’s appeal as an alternative investment. Earlier, the metal rose as much as 1.1 percent, while the dollar dropped 0.3 percent. Fed policy makers said today they will press on with $85 billion in monthly bond purchases to bolster the economy.