by Christopher Freeburn | January 21, 2014 5:00 pm
Gold fell Tuesday as investors pondered a report in the Wall Street Journal, which said that the U.S. Federal Reserve will accelerate the tapering of its monthly stimulus, with additional cuts announced possibly as early as next week. The U.S. dollar rose on the report.
Gold futures for February delivery sank 0.8% to $1,241.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,262 and as low as $1,235.10. Bullion closed in London at $1,244, according to BullionVault.
Silver futures for March delivery dropped 2.1%, to $19.87 per ounce. Tuesday’s high for silver was $20.44, while the low was $19.66.
Metal funds declined on Tuesday.
Mining ETFs advanced during the day.
Gold stocks mostly improved on Tuesday.
Silver mining shares gained 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/2014/01/fed-tapering-speculation-sends-gold-lower/
Short URL: http://invstplc.com/1fvW5T2
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.