The minutes, released Wednesday afternoon, showed disagreement among Fed officials about interest rates, the pace of stimulus tapering and the strength of the U.S. economy. Gold fell further in after-hours trading after the minutes’ release. U.S. stock markets also closed lower.
Gold futures for April delivery slipped 0.3% to $1,320.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,323 and as low as $1,314. Bullion closed in London at $1,314, according to BullionVault.
Silver futures for March delivery dipped o.2% to $21.85 per ounce. Wednesday’s high for silver was $21.96, while the low was $21.62.
Metal funds sank on Wednesday.
- The SPDR Gold Shares (GLD) fell 0.9%.
- The iShares Gold Trust (IAU) slid 0.9%.
- The iShares Silver Trust (SLV) dropped 2.4%.
Mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (GDX) faded 3.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 6.8%.
- The Global X Silver Miners ETF (SIL) moved down 3.3%.
Gold stocks pulled back on Wednesday.
- Agnico-Eagle Mines (AEM) fell 4%.
- Barrick Gold (ABX) slipped 2.9%.
- Eldorado Gold (EGO) decreased 2.8%.
- Goldcorp (GG) slid 3.9%.
- Kinross Gold (KGC) sank 3.1%.
- Newmont Mining (NEM) dipped 1.8%.
- NovaGold Resources (NG) tumbled 5.6%.
- Yamana Gold (AUY) faded 2.9%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE) dropped 5.4%.
- Hecla Mining (HL) sank 4.7%.
- Pan American Silver (PAAS) fell 3.6%.
- Silver Wheaton (SLW) slid 3.2%.
- Silver Standard Resources (SSRI) declined 4.4%.
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.