by Christopher Freeburn | December 19, 2013 4:36 pm
Gold tumbled in Thursday trading, a day after the U.S. Federal Reserve announced plans to begin scaling back its monthly bond-buying by $10 billion a month.
The metal fell to its lowest close since August 2010 in heavy trading. Silver joined gold, falling sharply during the day.
Gold futures for February delivery dropped 3.4% to $1,193.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,226 and as low as $1,191.60. Bullion closed in London at $1,193, according to BullionVault.
Silver futures for March delivery sank 4.4%, to $19.19 per ounce. Thursday’s high for silver was $19.91, while the low was $19.10.
Metal funds fell on Thursday.
Mining ETFs moved lower during the day.
Gold stocks mostly declined on Thursday.
Silver mining shares sank during the day.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
Source URL: http://investorplace.com/2013/12/gold-plunges-fed-tapering-decision/
Short URL: http://invstplc.com/1fpZinb
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.