Gold Slips on Federal Reserve Statement

Gold and silver futures slid, while miners mostly fell

   

PreciousMetalsRecap Gold Slips on Federal Reserve StatementGold dipped slightly in Wednesday trading after the Federal Reserve sounded a cautionary note about continued stimulus efforts. The Fed left interest rates unchanged after its Federal Open Market Committee meeting, as expected, but said that it was aware of the potential risks of its easy monetary policy and would continue to monitor the economy for signs of problems.

Gold futures for April delivery slipped 0.2% to $1,607.50 ounce on Wednesday, according to CME Group. Gold traded as high as $1,613.90 and as low as $1,599.60. Gold bullion closed in London at $1,609, according to BullionVault.

11103054 gold bullion 200x200 Gold Slips on Federal Reserve Statement
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Silver futures for April delivery sank 0.1% to $28.79 per ounce. Wednesday’s high for silver was $28.95, while the low was $28.60.

Gold and silver funds declined in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.5%.
  • The iShares Gold Trust (NYSE:IAU) slid 0.4%.
  • The iShares Silver Trust (NYSE:SLV) also dropped 0.4%.

Gold and silver mining ETFs also slumped during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 0.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) also moved down 0.3%.

Gold mining shares were mostly lower on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 0.6%.
  • Barrick Gold (NYSE:ABX) was flat.
  • Eldorado Gold (NYSE:EGO) inched up 0.1%.
  • Goldcorp (NYSE:GG) added 0.4%.
  • Kinross Gold (NYSE:KGC) fell 0.8%.
  • Newmont Mining (NYSE:NEM) was flat.
  • NovaGold Resources (AMEX:NG) slid 0.8%.
  • Yamana Gold (NYSE:AUY) dipped 0.3%.

Silver mining shares mostly retreated.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.3%.
  • Hecla Mining (NYSE:HL) tumbled 0.7%.
  • Pan American Silver (NASDAQ:PAAS) dropped 2.6%.
  • Silver Wheaton (NYSE:SLW) sank 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 2.4%.

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/2013/03/gold-slips-on-federal-reserve-statement/.

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