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Interest Rates, Fed Policy, and the Price of Gold

Traders and investors around the world are placing bets on whether or not the U.S. Federal Reserve, America’s central bank, will soon raise short-term interest rates given the continuing ambiguity in U.S. and global economic indicators and continuing volatility in world financial markets. Some days there seems to be a consensus in the marketplace expecting the Fed will stand pat, leaving short-term interest rates unchanged for a while longer. Other days the consensus seems to expect the Fed will sooner or later nudge rates up a tad, possibly voting to do so as early as next week’s FOMC ...