Gold Trades Near 18-Week Low on Concern Fed Will Drop ‘Patient’
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Gold traded near an 18-week low on concern that Federal Reserve policy makers will drop a pledge to be “patient” on raising interest rates.
Almost 90 percent of economists surveyed by Bloomberg predict Fed officials will remove the phrase in a statement due Wednesday at the conclusion of their meeting. Gains for the labor market have increased speculation that the U.S. central bank is getting closer to raising rates, cutting gold’s allure because the metal generally offers returns only through price gains.