In a statement issued at the conclusion of the Federal Open Markets Committee Meeting, officials said that bond-buying could rise this year. In previous months, Fed officials had suggested that the program might wind down by year’s end.
Gold futures for June delivery slumped 1.8% to $1,446.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,477.40 and as low as $1,439.70. Gold bullion closed in London at $1,458, according to BullionVault.
Silver futures for June delivery dropped 3.6% to $23.32 per ounce. Wednesday’s high for silver was $24.31, while the low was $23.22.
Gold and silver funds sank in Wednesday trading.
- The SPDR Gold Trust (NYSE:GLD) slid 1.2%.
- The iShares Gold Trust (NYSE:IAU) fell 1.2%.
- The iShares Silver Trust (NYSE:SLV) tumbled 2.6%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) declined 2.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 3.4%.
- The Global X Silver Miners ETF (NYSE:SIL) moved down 1.5%.
Gold mining shares mostly pulled back on Wednesday.
- Agnico-Eagle Mines (NYSE:AEM) slipped 2.3%.
- Barrick Gold (NYSE:ABX) fell 2.5%.
- Eldorado Gold (NYSE:EGO) tumbled 5.3%.
- Goldcorp (NYSE:GG) slid 2.5%.
- Kinross Gold (NYSE:KGC) dipped 1.5%.
- Newmont Mining (NYSE:NEM) sank 4.6%.
- NovaGold Resources (AMEX:NG) sank 2.8%.
- Yamana Gold (NYSE:AUY) dropped 5.8%.
Silver mining shares retreated.
- Coeur d’Alene Mines (NYSE:CDE) slipped 1.7%.
- Hecla Mining (NYSE:HL) sank 2.7%.
- Pan American Silver (NASDAQ:PAAS) slumped 1.4%.
- Silver Wheaton (NYSE:SLW) fell 1.3%.
- Silver Standard Resources (NASDAQ:SSRI) dipped 0.3%.
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.