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Metals Stocks: Gold ends lower, then climbs after Fed policy update

Gold futures ended lower on Wednesday, giving back a portion of the gains from a day earlier as U.S. benchmark stock indexes moved higher.

Futures added to losses after briefly popping higher in electronic trading in the immediate wake of the Federal Reserve’s policy update, as Fed Chairman Jerome Powell held a news conference. The central bank’s Federal Open Market Committee left its short-term fed-funds rate unchanged as expected, but cut the rate it pays on excess bank reserves to 2.35% from 2.4%.

As many expected, the statement helped gold “somewhat” with the unchanged short-term fed-funds rate “removing some fears of hawkish thoughts as [the] economy is moving ahead without undue inflation,” said George Gero, managing director at RBC Wealth Management, in an email update.

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