Gold settles lower, then edges up after Fed statement

Gold futures settled lower Wednesday, then climbed above the settlement price in electronic trading after the Federal Reserve moved closer to its first interest-rate increase in almost decade, but also indicated that the pace of the increases may be slower.

Gold for August delivery GCQ5, +0.85%  fell $4.10, or 0.4%, to settle at $1,176.80 an ounce on Comex, ahead of the Fed news. In electronic trading shortly after the Fed decision, prices rose to $1,181.80.

The Federal Reserve held rates steady on Wednesday, while signaling as many two rate hikes before the end of the year.

Commodities have been under pressure due to recent rate-hike expectations, as higher interest rates increase the cost of storing commodities, and make it less attractive for investors seeking better returns across assets.

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