Gold dipped slightly in Tuesday trading as the Federal Reserve kicked off its Federal Open Markets Committee meeting, with a statement due to be released tomorrow.
Investors are also looking ahead to news from the Labor Department, which will issue the July jobs report on Friday. Overseas, the Bank of England and European Central Bank are also holding key meetings this week.
Gold futures for August delivery declined 0.3% to $1,324 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,329.60 and as low as $1,316.20. Gold bullion closed in London at $1,328, according to BullionVault.
Silver futures for August delivery fell 0.9% to $19.67 per ounce. Tuesday’s high for silver was $19.83, while the low was $19.65.
Gold and silver funds declined in Tuesday trading.
- The SPDR Gold Trust (GLD) fell 0.3%.
- The iShares Gold Trust (IAU) moved down 0.2%.
- The iShares Silver Trust (SLV) slipped 0.6%.
Gold and silver mining ETFs slid during the day.
- The Market Vectors Gold Miners ETF (GDX) dipped 0.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 1.9%.
- The Global X Silver Miners ETF (SIL) slumped 1.4%.
Gold mining shares mostly sank on Tuesday.
- Agnico-Eagle Mines (AEM) declined 0.8%.
- Barrick Gold (ABX) fell 2%.
- Eldorado Gold (EGO) dropped 2.7%.
- Goldcorp (GG) fell back 1%.
- Kinross Gold (KGC) moved down 1.9%.
- Newmont Mining (NEM) rose 0.1%.
- NovaGold Resources (NG) gained 1.7%.
- Yamana Gold (AUY) slipped 0.6%.
Silver mining shares mostly rose during the day.
- Coeur d’Alene Mines (CDE) edged up 0.1%.
- Hecla Mining (HL) was flat.
- Pan American Silver (PAAS) added 0.7%.
- Silver Wheaton (SLW) gained 0.9%.
- Silver Standard Resources (SSRI) also climbed 0.9%.
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.