Skip to content
Subscriber Only
Markets
Economics

Fed Spells Relief for Gold Traders Worried Over Rate-Hike Pace

Video player cover image
Fed Raises Rates and Still Sees Three Hikes in 2018

Spot gold headed for the biggest gain in three weeks after Federal Reserve officials stuck with a projection for three interest-rate increases in the coming year, easing concerns that quickening economic growth would spur an even faster pace of monetary tightening.

By a 7-2 vote, the Fed on Wednesday raised the benchmark lending rate by a quarter percentage point, its third hike this year. In a statement following a two-day meeting, the Federal Open Market Committee omitted prior language saying it expected the labor market would strengthen further.