Gold ends modestly lower, then climbs in electronic trade after Fed policy statement

Gold prices posted a slight loss on Wednesday, giving back a portion of the gains from a day earlier as U.S. benchmark stock indexes moved higher. Prices then climbed in electronic trading after the Federal Reserve left its short-term fed funds rate unchanged as expected, but cut the rate it pays on excess bank reserves. In electronic trading, gold for June delivery was at $1,287.40 an ounce shortly after the decision. The contract had fallen by $1.50, or 0.1%, to settle at $1,284.20. an ounce on Comex, ahead of the news.

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