MW: Gold cuts gains, then recovers after Fed statement
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Gold futures pared its earlier gains Wednesday after the Federal Reserve repeated its intention to hold rates close to zero until mid-2013, but prices soon recovered to trade near the session's high. Gold for December delivery GC1Z +1.08% rose $30.70, or 1.8%, to trade at $1,742 an ounce on the Comex division of the New York Mercantile Exchange. Prices were trading around $1,739 before the Fed statement and fell to around $1,733 immediately after it.
