Gold Ends At 1-week Low, Then Inches Higher In Electronic Trade After Fed Statement

By Myra P. Saefong Markets MarketWatch Pulse

Gold prices fell for a third-straight session Wednesday to finish at their lowest level in a week, pressured by modest strength in the U.S. dollar so far this week. After the U.S. Federal Reserve’s policy announcement, prices inched higher in electronic trading. The move up for gold came as the U.S. dollar weakened a bit against most currency rivals following the Fed's decision to stand pat on interest rates. The central bank also said it will start reducing its $4.5 trillion balance sheet "relatively soon." August gold was last at $1,252.10 an ounce in electronic trading. Prices lost $2.70, or 0.2%, to end at $1,249.40 an ounce for the session-the lowest settlement for gold futures since July 20, according to FactSet data.

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