Still, Zachary Oxman, managing director of TrendMax Futures, sees potential for European worries to escalate again, leading to buying of gold.

FORBES: Analysts Mixed On Gold Next Week; Technical Factors Cited Both Ways

Zachary Oxman, portfolio manager for TrendMax, said commodities could be boosted in the months ahead on ideas that ongoing quantitative easing will lead to inflation.

FORBES: Futures Veterans See Steady-Higher Commodities In 4Q; Favor Grains, Precious Metals

Gold edged up as policy-setters signaled low rates would continue until mid-2015 and monetization of debt would continue, said Zachary Oxman, portfolio manager for TrendMax.

FORBES: Comex Gold Futures Pare Loss Slightly After FOMC Statement

Zachary Oxman, managing director of TrendMax Futures, said there are market doubts about the apparent Fed view that inflation is not a worry at the moment.

FORBES: Gold Staging Technical Breakout As Market Continues Reaction To FOMC Minutes