Gold Climbs to One-Month High as Bets Fall on U.S. Rate Increase
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Gold advanced to the highest in a month as traders scaled back bets on a U.S. interest-rate increase in September after Federal Reserve officials said they needed more evidence that the economy is strengthening.
Fed officials signaled concern over low inflation and want to see the labor market improve further, according to minutes released Wednesday of the central bank’s July meeting. Gold reached a five-year low last month on concern policy makers would raise rates as early as September, curbing the meal’s appeal because it doesn’t pay interest.