Gold briefly tops $1,200 after dovish Fed statement

Gold futures switched between small gains and losses Wednesday in electronic trading, after briefly jumping above the key round number of $1,200 in the wake of what some analysts described as a more-dovish-than-anticipated Federal Reserve statement.

Gold for February delivery GCG5, +0.36%  was last down $2.70, or 0.2%, to $1,191.60 an ounce. Before the Fed release hit at 2 p.m. Eastern, February gold had settled slightly higher but under $1,200 — up 20 cents to $1,194.50 an ounce, snapping a five-day losing streak.