Gold Dips Ahead of FOMC Start
by Christopher Freeburn | October 28, 2013 4:10 pm
[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.
- The SPDR Gold Shares (GLD[4]) inched up 0.1%.
- The iShares Gold Trust (IAU[5]) rose 0.1%.
- The iShares Silver Trust (SLV[6]) fell 0.1%.
Mining ETFs mostly slipped during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) added 0.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) sank 0.8%.
- The Global X Silver Miners ETF (SIL[9]) dropped 0.7%.
Gold stocks mostly improved on Monday.
- Agnico-Eagle Mines (AEM[10]) climbed 1.7%.
- Barrick Gold (ABX[11]) moved up 0.6%.
- Eldorado Gold (EGO[12]) gained 3.2%.
- Goldcorp (GG[13]) rose 1.4%.
- Kinross Gold (KGC[14]) added 1.9%.
- Newmont Mining (NEM[15]) increased 0.9%.
- NovaGold Resources (NG[16]) fell 1.3%.
- Yamana Gold (AUY[17]) sank 0.6%.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE[18]) dipped 0.1%.
- Hecla Mining (HL[19]) slid 0.6%.
- Pan American Silver (PAAS[20]) rose 0.4%.
- Silver Wheaton (SLW[21]) dropped 0.7%.
- Silver Standard Resources (SSRI[22]) moved up 0.2%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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