Gold Jumps Most in a Week as FOMC Minutes Eases Rate Concern
Is Gold Set to Make Biggest Advance in a Week?
This article is for subscribers only.
Gold advanced the most in a week after Federal Reserve officials said they need more evidence of strength in the economy and a pickup in inflation, reducing wagers that policy makers will soon raise U.S. interest rates.
Fed officials said they want more indications that the labor market is healing and that inflation is moving toward their goal, according to minutes of last month’s Fed meeting released Wednesday. The prospect of higher rates makes gold unattractive because the metal doesn’t pay interest.