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Gold Jumps Most in 15 Months as Fed Refrains From Taper

Gold jumped the most in 15 months after the Federal Reserve unexpectedly refrained from reducing the pace of monthly U.S. bond purchases, increasing demand for the metal as a store of value.

The Federal Open Market Committee “decided to await more evidence that progress will be sustained before adjusting the pace of its purchases,” according to a statement yesterday at the conclusion of a two-day meeting. Spot gold dropped beneath $1,300 an ounce for the first time in six weeks yesterday on speculation the central bank would rein in quantitative easing.