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.
Gold 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.
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.
