Gold Prices and Federal Open Market Committee

interest rates: Eastern time on Wednesday, after gold prices settled on Comex, according to Market Watch. Read:Fed stands pat and is silent about future of interest rates Ahead of the meeting end, gold for June delivery GCM6, +0.66% gained $7, or 0.6%, to settle at $1,250.40 an ounce — its highest finish since April 20. The policy-setting Federal Open Market Committee wrapped up its two-day meeting at 2 p.m. In electronic trading after the central bank announcement, prices lost ground to trade at $1,247. Another rate hike seems baked-in-the-cake, so investors are taking profit in alternative risk segments of the market, like precious metals. Meanwhile, the SPDR Gold Trust GLD, +0.29% was trading up 0.6%. The Market Vectors Gold Miners ETF GDX, +1.09% climbed 0.9%. Gold got slammed after the FOMC meeting, as traders took cover following the slightly hawkish statements, Nico Pantelis, head of research at Secular Investor, told Market Watch. (news.financializer.com). As reported in the news.