Gold settles lower, then climbs after Fed statement

Gold futures settled lower on Wednesday, then headed higher in electronic trading after the Federal Reserve was seen as leaving the door open for an interest-rate hike in September.

Shortly after the statement was released, August gold GCQ5, -0.05%  traded at $1,096.60 an ounce in electronic trading. That’s above the settlement of $1,092.60 on Comex, where prices finished down $3.60, or 0.3%, for the session.

Still, Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, said he believes that the trend for gold is “likely to remain negative, with the Fed likely raising interest rates at the September meeting leading to further dollar strength.”

The ICE U.S. Dollar Index DXY, +0.08% traded a bit higher after the Fed news.

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