Gold Slips on Federal Stimulus Uncertainty

by Christopher Freeburn | January 7, 2013 4:41 pm

Gold Silver GLD IAU SLV[1]Gold fell modestly in Monday trading as investors tried to assess the longevity of Federal Reserve stimulus efforts after comments by two Fed officials last week suggested that stimulus efforts could end this year if the economy improved.

Gold futures for February delivery rose 1% to $1647.30 on Monday, according to CME Group[2]. Gold traded as high as $1,663 and as low as $1,642.60. Gold bullion closed in London at $1,650, according to BullionVault[3].

Silver futures for February delivery fell .03% to $30.03 per ounce. Monday’s high for silver was $30.34, while the low was $29.87.

Gold and silver funds fell in Monday trading.

Gold and silver mining ETFs also retreated during the day.

Gold mining shares were mostly lower, but NovaGold Resources (NYSE:NG[10]) defied the trend by rising.

Silver mining shares lost ground 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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  22. SSRI:
  23. BullionVault:

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