Metals Stocks: Gold settles higher, then falls as dollar edges up after Fed statement

Gold futures settled modestly higher Wednesday, helped by a slightly weaker dollar index even as stocks reclaimed a portion of the sharp declines that marked the start to the week.

Prices for the yellow metal then headed lower in electronic trading. The Fed left a short-term U.S. interest rate unchanged as expected, but also said it expects inflation “to move up this year” in a sign it’s likely to hike rates at its next meeting in March.

Read:Fed takes step toward rate hike as baton set to pass to Powell

February gold GCG8, +0.25% rose $3.60, or 0.3%, to settle at $1,339 an ounce ahead of the Fed announcement.

>>> Original Source <<<