by Christopher Freeburn | October 24, 2012 5:04 pm
Gold sank in Wednesday trading, moving to a seven-week low as the Federal Reserve signaled that it would continue to keep interest rates low and sending the U.S. dollar a two-week high.
Gold futures for December delivery dropped to $1,701.60 on Wednesday, according to CME Group. Gold traded as high as $1,715.20 and as low as $1,698.90. Gold bullion closed in London at $1,705, according to BullionVault.
Silver futures for December delivery also fell, closing down at $31.62 per ounce. Wedneday’s high for silver was $32.06, while the low was $31.54.
Gold and silver funds moved lower in Wednesday trading.
Gold and silver mining ETFs retreated during the day.
Gold mining shares moved lower on Wednesday, with Goldcorp (NYSE:GG) falling the hardest.
Silver mining shares sagged on Wednesday.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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