Gold Dips on Renewed Tapering Concerns

by Christopher Freeburn | September 23, 2013 4:24 pm

Gold Silver GLD IAU SLV[1]Despite last week’s decision by the Federal Reserve to let its monthly bond-buying stand, comments by one Fed official have rekindled investor worry that the central bank could begin tapering as soon as next month. Uncertainty over the Fed’s ultimate course sent gold lower for a second session on Monday.

On Friday, St. Louis Fed President James Bullard indicated in a media interview that it was “possible” that the Fed could announce minor tapering at its monthly meeting in October.

Gold futures for December delivery slipped 0.4% to $1,327 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,332 and as low as $1,313.40. Gold bullion closed in London at $1,323, according to BullionVault[3].

Silver futures for December delivery edged down 0.3% to $21.86 per ounce. Monday’s high for silver was $21.97, while the low was $21.30.

Gold and silver funds moved lower in Monday trading.

Gold and silver mining ETFs sank during the day.

Gold mining shares declined on Monday.

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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