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

Gold futures settled lower Wednesday then edged higher in electronic trading after the Federal Reserve indicated that the pace of interest-rate hikes will be slower. Nymex oil futures pared losses following the statement. August gold traded at $1,181.20 an ounce in electronic trading on Globex, after settling at $1,176.80 on Comex, down $4.10, or 0.4%, before the Fed news. July oil fell 48 cents, or 0.8%, to $59.49 a barrel ahead of the Nymex close, compared with $59.12 before the news.