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NEW YORK — Gold barreled above $800 an ounce Wednesday for the first time since 1980 as investors cheered the Federal Reserve’s decision to lower its benchmark interest rate by a quarter point.
The Fed dropped its federal-funds rate to 4.5 percent, as many had anticipated. Lower interest rates tend to undermine the dollar and raise the allure of precious metals as an investment alternative.
The dollar stumbled to another low against the euro after the Fed’s decision Wednesday, helping drive gold higher.
