Commodities finished higher although crude oil futures finished in the red after the Federal Reserve released its statement on monetary policy. Gold ended at a new record.
In its statement, the Federal Reserve's Open Market Committee said it sees inflation moderating with the drop in commodity prices. The Fed said it would keep rates low at least through mid-2013.
Light, sweet crude for September delivery finished down 2.5% to $79.30 a barrel. In other energy futures, heating oil was down 0.98% to $2.77 a gallon while natural gas was up 1.58% to $3.99 per million British thermal units.
In energy ETFs, the United States Oil Fund ( USO ) is down 3.52% to $30.40. The United States Natural Gas ETF ( UNG ) is up 1.2% at $10.10.
Meanwhile, gold futures advanced to yet another record finish on the back of a weaker dollar.
Gold for August delivery finished up 1% to $1,743 an ounce. In other metal futures, silver was down 4.0% to $37.79 a troy ounce while copper traded down 0.58% to $3.93.
The US Dollar Index was down 0.52% to $74.45.
In metal ETFs, SPDR Gold Trust ( GLD ) is up 3.28% to $172.59. Market Vectors Gold Miners ( GDX ) is down 0.52% to $55.15. iShares Silver Trust ( SLV ) is down 2.92% to $36.94.
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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.
