Gold Climbs Most Since January as Fed Officials Cut Rate Outlook

Gold prices climbed the most since January as Federal Reserve officials said an increase for interest rates is unlikely next month and cut their outlook for borrowing costs.

U.S. economic growth has “moderated somewhat” and inflation has declined further below where officials would like it, the Federal Open Market Committee said in a statement Wednesday. The policy makers lowered their median estimate for the federal funds rate at the end of 2015 to 0.625 percent, compared with 1.125 percent in December forecasts.