Gold Settles Above $1,300, Edges Down In Electronic Trading After Fed Decision

Gold futures settled above $1,300 an ounce on Wednesday, as weakness in the U.S. dollar and equities and uncertainty surrounding the outcome of the upcoming U.S. presidential election lifted prices to their highest level in a month. Prices for the yellow metal edged lower in electronic trading, however, after the U.S. Federal Reserve left interest rates unchanged but said the case for an increase in interest rates "has continued to strengthen." December gold rose $20.20, or 1.6%, to settle at $1,308.20 an ounce for the session. In electronic trading after the Fed decision, prices were at $1,307.40.

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