Gold futures settled lower Wednesday, pulling back from the two-week high they settled at a day earlier. Prices initially extended their decline in electronic trading after the settlement, then rose as minutes from the Federal Reserve Open Market Committee’s July meeting showed that the central bank officials were split over the need for further interest-rate hikes in the near future. Gold for December delivery settled at $1,348.80 an ounce Wednesday, down $8.10, or 0.6%, from Tuesday. It was at $1,354.90 in electronic trading shortly after the release of the Fed minutes.
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