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Gold prices settle lower, edge up after the Fed statement

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Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.

Gold futures settled with a loss on Wednesday, then moved a bit higher in the electronic trading shortly after the Federal Reserve announcement. The central bank agreed to leave its benchmark fed funds rate unchanged at 5.25% to 5.50%, while also keeping the option open for a further interest-rate hike.

The Federal Open Market Committee decision, “albeit not raising rates, is a bit hawkish as they raised economic growth numbers,” Peter Spina, president of GoldSeek.com, told MarketWatch. “Strong labor and inflation data is going to support the higher-for-longer; mantra the Fed is communicating,” he said. “Although this would be seen as negative for gold, the FOMC also mentioned tighter financial conditions as a risk.” December gold GCZ23, -0.31% was at $1,988.

 

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