Gold Rises in New York on Expectations Fed Will Continue to Ease
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Gold rose in New York on speculation that the Federal Reserve will ease monetary policy further to stimulate the economy, boosting the appeal of the precious metal as an alternative asset.
“We need to do more,” Chicago Fed President Charles Evans said today in a CNBC interview. Gold has rallied 12 percent this month, touching a record $1,917.90 an ounce on Aug. 23. Prices extended gains in electronic trading today after a statement showed some Fed policy makers favored more aggressive action to stimulate the economy during their meeting on Aug. 9.