Gold slid in Wednesday trading as investors held their breath in advance of a statement from the Federal Reserve at the conclusion of its Federal Open Markets Committee meeting.
The metal fell sharply earlier this year after the Fed signaled that it would begin tapering its monthly bond-buying later this year. But gold has regained some ground this month as various report suggested weakening U.S. economy growth. Fed Chairman Ben Bernanke has hinted that the federal reserve will continue stimulus as long as the economy needs it. Gold futures closed out July with a 7.3% gain.
Gold futures for August delivery slid 0.9% to $1,312.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,337 and as low as $1,305.10. Gold bullion closed in London at $1,325, according to BullionVault.
Silver futures for August delivery dipped 0.2% to $19.62 per ounce. Wednesday’s high for silver was $19.89, while the low was $19.40.
Gold and silver funds were mixed in Wednesday trading.
- The SPDR Gold Trust (GLD) slipped 0.1%.
- The iShares Gold Trust (IAU) declined 0.2%.
- The iShares Silver Trust (SLV) climbed 0.5%.
Gold and silver mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX) fell 0.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) slid 2.8%.
- The Global X Silver Miners ETF (SIL) dipped 1%.
Gold mining shares skidded on Wednesday.
- Agnico-Eagle Mines (AEM) fell 1.4%.
- Barrick Gold (ABX) declined 1.3%.
- Eldorado Gold (EGO) also slid 1.3%.
- Goldcorp (GG) dipped 0.2%.
- Kinross Gold (KGC) sank 0.6%.
- Newmont Mining (NEM) slipped 0.5%.
- NovaGold Resources (NG) moved down 0.7%.
- Yamana Gold (AUY) dropped 0.9%.
Silver mining shares fell during the day.
- Coeur d’Alene Mines (CDE) slid 1%.
- Hecla Mining (HL) dipped 0.3%.
- Pan American Silver (PAAS) declined 0.6%.
- Silver Wheaton (SLW) dropped 1.1%.
- Silver Standard Resources (SSRI) sank 1.4%.
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.