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Gold rises in wake of Fed decision to keep policy loose.
Gold prices rose on Thursday after the Federal Reserve announced it was making no changes to its benchmark interest rates and added monetary policy will likely stay loose for some time to come.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.38% at USD1,708.05 a troy ounce, up from a session low of USD1,705.45 and down from a high of USD1,708.25 a troy ounce.Gold futures were likely to test support at USD1,699.65 a troy ounce, Wednesday's low, and resistance at USD1,715.15, Wednesday's high.In the U.S., the Federal Reserve announced earlier that it left interest rates near zero and monetary policy unchanged, pointing out that elevated unemployment rates and headwinds from abroad merit ongoing asset purchases from banks, a monetary policy tool known as quantitative easing.
The Committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions, the Federal Open Market Committee, the Fed's rate-setting body, said in a statement. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability.
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