Gold Slips as FOMC Meeting Starts

by Christopher Freeburn | September 17, 2013 4:30 pm

Gold Silver GLD IAU SLV[1]Concerns over the future of federal economic stimulus sent gold modestly lower in Tuesday trading.

The U.S. Federal Reserve kicked off its Federal Open Markets Committee meeting, which extends through Wednesday. Investors are worried that the Fed could announce plans to trim its stimulus as early as this week. While most economists expect the Fed to begin slowing its stimulus spending, the timing of any tapering remains in doubt.

Gold futures for December delivery fell 0.6% to $1,390.40 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,324.70 and as low as $1,305.80. Gold bullion closed in London at $1,309, according to BullionVault[3].

Silver futures for December delivery dropped 1% to $21.78 per ounce. Tuesday’s high for silver was $22.14, while the low was $21.64.

Gold and silver funds held steady in Tuesday trading.

Gold and silver mining ETFs gained during the day.

Gold mining shares mostly advanced on Tuesday.

Silver mining shares mostly rose 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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