Gold Slips Ahead of FOMC Minutes

by Christopher Freeburn | August 21, 2013 4:19 pm

Gold Silver GLD IAU SLV[1]With investors focused on any clues about when the Federal Reserve will start tapering its monthly bond-buying, gold settled slightly lower on Wednesday prior to the release of the minutes from July’s Federal Open Markets Committee meeting.

The minutes revealed broad support among committee members for Fed Chairman Ben Bernanke’s plan to begin scaling back stimulus efforts later this year, but did not suggest a specific timetable for the tapering. Equities markets declined.

Gold futures for December delivery fell 0.2% to $1,370.10 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,373.80 and as low as $1,359.20. Gold bullion closed in London at $1,370, according to BullionVault[3].

Silver futures for December delivery moved down 0.5% to $23 per ounce. Wednesday’s high for silver was $23.20, while the low was $22.81.

Gold and silver funds fell slightly in Wednesday trading.

Gold and silver mining ETFs retreated during the day.

Gold mining shares slumped on Wednesday.

Silver mining shares pulled back during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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