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Commodities Finish Trading Higher; Oil, Gold Advance Following Fed Statement

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Commodities finished higher as gold and crude oil futures advanced following the US Federal Reserve's monetary policy statement.

The Fed trimmed its economic growth forecast to a range of 2.7% to 2.9% down from 3.1% to 3.3%. Also, the Fed said it is concluding its controversial quantitative easing policy as planned.

The Fed kept its key interest rate at an historic low range of 0% to 0.25%.

Light, sweet crude oil for August delivery finished up $1.24 to $95.41 a barrel. In other energy futures, heating oil was up 2.57% to $2.88 a gallon while natural gas was down 1.23% to $4.33 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is up 1.55% to $37.34. The United States Natural Gas ETF (UNG) is down 1.97% at $10.96.

Meanwhile, gold futures managed to finish higher following the Fed's statement. The dollar strengthened as well.

Gold for August delivery finished up $7 to $1,553.40 an ounce. In other metal futures, silver was up 0.83% to $36.68 a troy ounce while copper traded down 0.02% to $4.10.

The US Dollar Index was up 0.04% to $74.68.

In metal ETFs, SPDR Gold Trust ( GLD ) is up 0.19% to $151.05. Market Vectors Gold Miners ( GDX ) is up 2.04% to $55.11. iShares Silver Trust (SLV) is up 0.28% to $35.61.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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