Gold futures jumped to a one-week high as minutes from the Federal Reserve’s last meeting showed many officials want to see more signs of employment picking up before they begin slowing the pace of bond purchases.
“Many members indicated that further improvement in the outlook for the labor market” is needed before tapering the rate of asset buying, according to the record of the Federal Open Market Committee’s June gathering released today. The jobless rate held at 7.6 percent in June. Bullion doubled from the end of 2008 to a record $1,923.70 in September 2011 as record global stimulus boosted the appeal of inflation hedges.
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