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Gold climbs ahead of US Fed Reserve meet, pick for Janet Yellen replacement

Fed Governor Jerome Powell is widely tipped to take over from incumbent Janet Yellen at the head of the U.S. central bank next year

Reuters  |  London 

Gold climbed briefly back above $1,280 an ounce on Wednesday as caution ahead of this week's confirmation of the new Federal Reserve chair and a policy statement from the bank prompted some to close out bets on falling prices. Fed Governor Jerome Powell is widely tipped to take over from incumbent Janet Yellen at the head of the U.S. central bank next year. He is seen as a less hawkish and therefore more gold friendly choice than his main challenger John Taylor, a Stanford University economist. A statement at the end of the Fed's latest policy meeting due later will also ...

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First Published: Wed, November 01 2017. 17:48 IST
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