Gold Jumps Most in 15 Months as Fed Refrains From Taper
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Gold jumped the most in 15 months after the Federal Reserve unexpectedly refrained from reducing the pace of monthly U.S. bond purchases, increasing demand for the metal as a store of value.
The Federal Open Market Committee “decided to await more evidence that progress will be sustained before adjusting the pace of its purchases,” according to a statement yesterday at the conclusion of a two-day meeting. Spot gold dropped beneath $1,300 an ounce for the first time in six weeks yesterday on speculation the central bank would rein in quantitative easing.