Gold Slips Ahead of FOMC Meeting

by Christopher Freeburn | January 27, 2014 4:50 pm

[1]Gold fell slightly in Monday trading. Investors are awaiting the outcome of the Federal Reserve’s Federal Open Markets Committee meeting, which begins on Tuesday, for signals about any further tapering of the Fed’s monthly bond-buying.

Gold futures for February delivery dipped 0.1% to $1,263.40 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,279.80 and as low as $1,256.20. Bullion closed in London at $1,259, according to BullionVault[3].

Silver futures for March delivery rose 0.1%, to $19.79 per ounce. Monday’s high for silver was $20.09, while the low was $19.68.

Metal funds moved lower on Monday.

• The SPDR Gold Shares (GLD[4]) fell 1.1%.
• The iShares Gold Trust (IAU[5]) slid 1.1%.
• The iShares Silver Trust (SLV[6]) dropped 1.5%.

Mining ETFs sank during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) declined 3.3%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) tumbled 5.2%.
• The Global X Silver Miners ETF (SIL[9]) faded 3.7%.

Gold stocks pulled back on Monday.

• Agnico-Eagle Mines (AEM[10]) fell 2.6%.
• Barrick Gold (ABX[11]) declined 2.6%.
• Eldorado Gold (EGO[12]) dropped 4.8%.
• Goldcorp (GG[13]) slid 3.2%.
• Kinross Gold (KGC[14]) faded 2.8%.
• Newmont Mining (NEM[15]) decreased 3.4%.
• NovaGold Resources (NG[16]) tumbled 6.2%.
• Yamana Gold (AUY[17]) waned 3.5%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE[18]) plunged 5.8%.
• Hecla Mining (HL[19]) sank 4.4%.
• Pan American Silver (PAAS[20]) dropped 5.2%.
• Silver Wheaton (SLW[21]) sank 2.9%.
• Silver Standard Resources (SSRI[22]) dove 5.9%.

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.

Source URL: https://investorplace.com/2014/01/gold-slips-ahead-fomc-meeting/

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