Gold Dips Ahead of FOMC Start

by Christopher Freeburn | October 28, 2013 4:10 pm

Gold Silver GLD IAU SLV[1]Gold edged lower in Monday trading as investors looked ahead to the Federal Reserve’s Federal Open Markets Committee meeting this week and possible signals of tapering of its monthly bond-buying. Recent weakness in U.S. economic reports suggest that the Fed will postpone any attempt to scale back stimulus in the near term.

Gold futures for December delivery slipped 30 cents to $1,352.20 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,361.80 and as low as $1,346.10. Bullion closed in London at $1,354, according to BullionVault[3].

Silver futures for December dipped 0.4% to $22.54 per ounce. Monday’s high for silver was $22.72, while the low was $22.38.

Metal funds were mixed in Monday trading.

Mining ETFs mostly slipped during the day.

Gold stocks mostly improved on Monday.

Silver mining shares were mixed 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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