Gold May Decline as Investors Hold Off Before Fed Report
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Gold dropped after the Federal Reserve reduced its forecast for unemployment and refrained from providing more stimulus measures at the conclusion of a two-day meeting today, easing concern that inflation will accelerate.
“The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually,” the Federal Open Market Committee said in a statement in Washington. Officials forecast the unemployment rate would average 7.8 percent to 8 percent in the final three months of this year versus a forecast of 8.2 percent to 8.5 percent in January, according to central tendency estimates.