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Gold Declines as Fed Sees `Moderate' Pace of Growth

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Gold fell after Federal Reserve policy makers said the economy is still expanding at a “moderate” pace, giving themselves the option to tighten policy at their next meeting in December.

Even with a slower pace of recent job gains, “labor market indicators, on balance, show that underutilization of labor resources has diminished since early this year,” the Federal Open Market Committee said in a statement Wednesday following a two-day meeting in Washington.