Gold Edges Lower on Eve of Fed Meeting

by Christopher Freeburn | January 28, 2013 5:08 pm

Gold Silver GLD IAU SLV[1]Investor anticipation over the Federal Open Market Committee meeting, which kicks off on Tuesday, combined with pressure from the expiration of Comex option contracts for February, sent gold down slightly in Monday trading.

Gold futures for February delivery slipped fractionally to $1,652.90 on Monday, according to CME Group[2]. Gold traded as high as $1661.60 and as low as $1651. Gold bullion closed in London at $1,658, according to BullionVault[3].

Silver futures for February delivery fell 1.4% to $30.76 per ounce. Monday’s high for silver was $31.24 an ounce, while the low was $30.76.

Gold and silver funds pulled back in Monday trading.

Gold and silver mining ETFs moved lower during the day.

Gold mining shares declined, with Eldorado Gold (NYSE:EGO[10]) sinking the most.

Silver mining shares retreated on Monday.

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.

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