Gold and Silver Report: Gold Prices Edge Lower Ahead of FOMC Meeting

Silver slid, while miners rose across the board


Gold prices dipped for a second straight session on Tuesday as the Federal Reserve kicked off its two-day Federal Open Market Committee meeting. The Fed has announced a $10 billion reduction in its monthly bond-buying at the conclusion of each of the last several meetings. Most analysts expect the Fed to announce another round of stimulus tapering tomorrow.

PreciousMetalsRecap Gold and Silver Report: Gold Prices Edge Lower Ahead of FOMC MeetingGold futures for June delivery slipped 0.2% to $1,296.30 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,302 and as low as $1,286.10. Bullion closed in London at $1,297, according to BullionVault.

11103054 gold bullion 200x95 Gold and Silver Report: Gold Prices Edge Lower Ahead of FOMC Meeting
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Silver futures for July delivery fell 8 cents at $19.54 per ounce. Tuesday’s high for silver was $19.63, while the low was $19.34.

Here’s how metal-based funds and mining stocks fared on Tuesday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) was flat.
  • The iShares Gold Trust (IAU) dipped 0.1%.
  • The iShares Silver Trust (SLV) sank 0.6%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) rose 1.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2.6%.
  • The Global X Silver Miners ETF (SIL) added 2.5%.

Gold Miners

  • Agnico Eagle Mines (AEM) increased 2.6%.
  • Barrick Gold (ABX) added 2%.
  • Eldorado Gold (EGO) rose 3.3%.
  • Goldcorp (GG) gained 1.5%.
  • Kinross Gold (KGC) increased 2%.
  • Newmont Mining (NEM) moved up 1.4%.
  • NovaGold (NG) advanced 2.5%.
  • Yamana Gold (AUY) climbed 3%.

Silver Miners

  • Coeur d’Alene Mines (CDE) rose 2.8%.
  • Hecla Mining (HL) gained 2%.
  • Pan American Silver (PAAS) increased 2.4%.
  • Silver Wheaton (SLW) added 2.3%.
  • Silver Standard Resources (SSRI) advanced 3.8%.

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.

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