Gold settles higher, extends gains in electronic trade after Fed statement

Gold prices settled higher on Wednesday as geopolitical concerns continued to drive interest in the metal as a safe haven investment. After futures prices settled, the Federal Reserve left interest rates unchanged as had been widely expected. The central bank dropped longstanding language in its statement that suggested more interest-rate hikes are on the way. In electronic trading, gold for April delivery was at $1,322 an ounce as the U.S. Dollar Index fell by 0.3%. April gold had climbed 30 cents to settle at $1,315.50 an ounce on Comex, the highest finish since mid-May, ahead of the Fed news.

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