Gold Gains Ahead of FOMC Meeting

Gold and silver improved, while miners mostly sank

   

PreciousMetalsRecap Gold Gains Ahead of FOMC MeetingGold rose modestly in Monday trading as investors await the outcome of the Federal Reserve’s Federal Open Markets Committee meeting and a report on U.S. employment later this week. Investors will be looking for signals about the speed with which the Fed will slow its economic stimulus efforts.

Gold futures for August delivery gained 0.5% to $1,328.40 per ounce on Monday, according to CME Group. Gold traded as high as $1,338.10 and as low as $1,322.60. Gold bullion closed in London at $1,332, according to BullionVault.

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Silver futures for August delivery also climbed 0.5% to $19.85 per ounce. Monday’s high for silver was $20.16, while the low was $19.70.

Gold and silver funds sank in Monday trading.

  • The SPDR Gold Trust (GLD) slid 0.2%.
  • The iShares Gold Trust (IAU) also dipped 0.2%.
  • The iShares Silver Trust (SLV) dropped 0.9%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slipped 0.8%.
  • The Global X Silver Miners ETF (SIL) moved down 0.3%.

Gold mining shares were mixed on Monday.

  • Agnico-Eagle Mines (AEM) added 0.3%.
  • Barrick Gold (ABX) sank 1.5%.
  • Eldorado Gold (EGO) rose 1.9%.
  • Goldcorp (GG) declined 0.5%.
  • Kinross Gold (KGC) fell 1.8%.
  • Newmont Mining (NEM) dipped 0.8%.
  • NovaGold Resources (NG) was unchanged.
  • Yamana Gold (AUY) moved down 2.1%.

Silver mining shares slipped during the day.

  • Coeur d’Alene Mines (CDE) slid 1.5%.
  • Hecla Mining (HL) dropped 2.1%.
  • Pan American Silver (PAAS) sank 0.9%.
  • Silver Wheaton (SLW) dipped 0.5%.
  • Silver Standard Resources (SSRI) fell 1.3%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/gold-gains-ahead-of-fomc-meeting/.

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