Gold Edges Lower on Eve of Fed Meeting

Gold and silver moved down, miners followed

   

PreciousMetalsRecap Gold Edges Lower on Eve of Fed MeetingInvestor anticipation over the Federal Open Market Committee meeting, which kicks off on Tuesday, combined with pressure from the expiration of Comex option contracts for February, sent gold down slightly in Monday trading.

Gold futures for February delivery slipped fractionally to $1,652.90 on Monday, according to CME Group. Gold traded as high as $1661.60 and as low as $1651. Gold bullion closed in London at $1,658, according to BullionVault.

gold coins scoop 630 flickr 200x200 Gold Edges Lower on Eve of Fed Meeting
The Case for Gold Bugs

Silver futures for February delivery fell 1.4% to $30.76 per ounce. Monday’s high for silver was $31.24 an ounce, while the low was $30.76.

Gold and silver funds pulled back in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) declined 0.2%.
  • The iShares Gold Trust (NYSE:IAU) dipped 0.3%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.2%.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 1%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 1.6%.

Gold mining shares declined, with Eldorado Gold (NYSE:EGO) sinking the most.

  • Agnico-Eagle Mines (NYSE:AEM) slipped 0.1%.
  • Barrick Gold (NYSE:ABX) declined 0.8%.
  • Eldorado Gold climbed 1.3%.
  • Goldcorp (NYSE:GG) fell 0.8%.
  • Kinross Gold (NYSE:KGC) sank 2.7%.
  • Newmont Mining (NYSE:NEM) dropped 1.3%.
  • NovaGold Resources (AMEX:NG) dropped 1.9%.
  • Yamana Gold (NYSE:AUY) moved down 1.3%.

Silver mining shares retreated on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) dipped 0.9%.
  • Hecla Mining (NYSE:HL) sank 2.1%.
  • Pan American Silver (NASDAQ:PAAS) fell 1.7%.
  • Silver Wheaton (NYSE:SLW) declined 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 3.5%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/01/gold-edges-lower-on-eve-of-fed-meeting/.

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