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Gold Pares Gains From Two-Week High on Renewed U.S. Rate Concern

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Gold pared gains after reaching an almost two-week high amid renewed concern that the Federal Reserve will still raise U.S. interest rates, even as policy makers cut their outlook for borrowing costs.

Fed officials dropped a pledge to be “patient” in tightening policy in a statement Wednesday, even as they lowered their projections for rates by the end of the year. The dollar rebounded Thursday, climbing as much as 1.5 percent against 10 major peers, on speculation U.S. borrowing costs will rise as other economies stick with monetary easing.