Gold Set for Worst Start to Year in a Decade as Dollar Ascends
- Bullion has lost about 3% this month as haven demand eases
- Investors weigh outlook after Fed sticks with policy settings
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Gold edged lower after the Federal Reserve kept its monetary policy unchanged without promising any more aid, supporting the dollar and putting bullion on course for the worst start to a year in a decade.
The Fed repeated it would maintain bond-buying at $120 billion per month until “substantial further progress” toward employment and inflation goals has been made. After the central bank’s first meeting of 2021, Chair Jerome Powell said it would take “some time” to achieve the threshold for altering purchases, making clear the central bank’s not close to tapering them.