Gold futures fell under $1,070 an ounce in electronic trading Wednesday, losing ground following an earlier close higher, after the U.S. Federal Reserve announced its first interest-rate increase in more than nine years.The Federal Open Market Committee, led by Fed Chairwoman Janet Yellen, raised its fed-funds rate to a range of 0.25% to 0.5%, ending an unprecedented seven-year run of near-zero interest rates. The decision came shortly after the price settlement for gold.
In anticipation of the Fed lifting rates, February gold GCG6, -0.88% jumped $15.20, or 1.4%, to settle at $1,076.80 an ounce. Prices then slipped to $1,067.30 in electronic trading shortly after the announcement.
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