Gold price falls, oil pares gains after Fed announcement
New York (Oct 28) Gold futures fell in electronic trading Wednesday, while oil futures on the New York Mercantile Exchange pared some of their gains after the Federal Open Market Committee left interest rates unchanged but left the door open for a hike at the next meeting in December. Gold for December delivery GCZ5, -1.02% was at $1,168 an ounce in electronic trading after settling at $1,176.10, up 0.9%, ahead of the announcement. December oil CLZ5, +5.67% was up $2.52, or 5.8%, to $45.72 on Nymex, ahead of its settlement, but that was down from the $45.95 level it was at before the Fed news.
By 3pm EST spot gold was down a whooping $11 at $11.57, while spot silver was off only 3 cents at $15.89.