Economics
Gold Futures Advance to Three-Week High on Stimulus Speculation
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Gold futures rose to a three-week high on speculation that the Federal Reserve will maintain the pace of monetary stimulus to boost economic growth, spurring demand for the metal as a store of value.
Fed policy makers will delay reducing $85 billion in monthly bond purchases until March, according to the median estimate of 40 economists in a Bloomberg survey last week. The 16-day U.S. government shutdown that started Oct. 1 probably trimmed 0.25 percentage point from fourth-quarter economic growth and cost 120,000 jobs this month, according to Jason Furman, President Barack Obama’s chief economic adviser.