Gold Advances as Fed Says Officials Will Monitor Global Impact

Gold climbed after the Federal Reserve said policy makers will “closely monitor” how the global economy and markets impact the U.S. outlook.

Fed officials left interest rates unchanged and said they still expect to raise borrowing costs at a “gradual” pace, according to a statement Wednesday at the conclusion of a two-day meeting. Investors have expanded their holdings in funds backed by gold this month as traders pushed back expectations of when the Fed will next increase rates.