Gold Surges to Record for Second Day as Fed to Keep Rates Low
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Gold futures advanced, extending a rally to a record for the second straight day, as the Federal Reserve pledged to keep its benchmark interest rate low at least through mid-2013.
Gold retreated from the settlement after equities rallied as investors studied today’s Fed policy statement. The metal has jumped 45 percent in the past year following bond buybacks by the central bank during two rounds of so-called qualitative easing, combined with the lowest borrowing costs ever.