Gold Climbs In Electronic Trade, Oil Pares Loss After Fed Statement

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Gold futures settled higher on Wednesday then climbed more in electronic trading after the Federal Reserve dropped the word 'patient' from its interest-rate guidance. Nymex oil futures pared losses following the statement. April gold traded at $1,156.80 an ounce in electronic trading on Globex, after settling at $1,151.30 on Comex, up $3.10, or 0.3%, before the Fed news. April oil fell 63 cents, or 1.5%, to $42.83 a barrel ahead of the Nymex close, compared with $42.60 before the news.

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