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Gold Jumps as Fewer Fed Officials See Multiple Rate Hikes in ’16

  • Number of officials who see just one move rose to six from one
  • Fed says pace of improvement in the labor market has slowed
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Most Important Two Minutes of Yellen's Statement

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Gold for immediate delivery advanced as fewer Federal Reserve officials expect the central bank to raise U.S. interest rates more than once this year.

While the median forecast of 17 policy makers remained at two quarter-point hikes this year, the number of officials who see just one increase rose to six from one in the previous forecasting round in March, according to projections by the Federal Open Market Committee on Wednesday. Low rates are a boon to gold, which doesn’t offer yields.