Gold Market Update

Gold prices fell on Wednesday as the U.S. central bank reiterated its commitment to raising interest rates some time in the latter part of the year.

Gold for February delivery GCG5, -0.28% dropped $5.80, or 0.5%, to settle $1,285.90 an ounce but the precious metal pared some of its earlier losses after the Federal Reserve’s policy statement. March silver futures SIH5, -1.01% recovered to close flat at $18.09 an ounce.