Gold prices head higher after Fed stands pat on rates

Gold futures climbed in electronic trading Thursday, as the Federal Reserve left interest rates unchanged.

“Since gold moves with such a strong, inverse relationship to interest rates, the 9-1 decision to let rates lie today was an obvious positive for the yellow metal,” said Adam Koos, president of Libertas Wealth Management Group.

Following the Fed announcement, gold for December delivery traded at $1,127.20 an ounce in electronic trading on Globex. That’s up from an earlier settlement on Comex, where prices fell $2, or 0.2%, to settle at $1,117 Thursday.

The U.S. dollar index DXY, +0.01%  traded sharply lower after the Fed news, providing support for dollar-denominated gold in the electronic session.

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