Gold Market Update : Epic Research Singapore

Gold futures climbed Wednesday to settle at their highest level in about a week, then turned lower in electronic trading after the Federal Reserve left interest rates unchanged but kept the door open for a rate hike at its next meeting.

Before the Fed news, gold for December delivery GCZ5, -1.38% gained $10.30, or 0.9%, to settle at $1,176.10 an ounce on Comex. That was its highest finish since Oct. 20.

Gold has benefited from the Fed’s ultraloose monetary policy because commodities like gold don’t offer interest. Lower rates also keep moves in the U.S. dollar DXY, -0.02%  in check. A stronger dollar can be a drag on dollar-denominated commodities, making them more expensive for buyers using foreign currencies.

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