Gold settles higher, but seesaws after Fed statement

Gold futures ended higher Wednesday, then seesawed in electronic trade as the U.S. Federal Reserve left interest rates unchanged, but hinted at the potential for a rate increase in September.

Earlier, a drop in U.S. durable-goods orders helped bolster appetite for haven gold.

December gold GCZ6, +0.89% the most-active futures contract, settled at $1,334.50 an ounce, up $6.20, or 0.5%, for the session. It pulled back to $1,333.90 in electronic trading shortly after the Fed news, then climbed up again to a hit high above $1,340.

August gold GCQ6, +0.90% the second most-active contract, tacked on $5.90, or 0.5%, to settle at $1,326.70 an ounce. In electronic trading, it was at $1,331.20 about an half-hour after the Fed decision and policy update.

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