Gold Slips on Federal Reserve Statement

by Christopher Freeburn | March 20, 2013 4:15 pm

Gold Silver GLD IAU SLV[1]Gold dipped slightly in Wednesday trading after the Federal Reserve sounded a cautionary note about continued stimulus efforts. The Fed left interest rates unchanged after its Federal Open Market Committee meeting, as expected, but said that it was aware of the potential risks of its easy monetary policy and would continue to monitor the economy for signs of problems.

Gold futures for April delivery slipped 0.2% to $1,607.50 ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,613.90 and as low as $1,599.60. Gold bullion closed in London at $1,609, according to BullionVault[3].

Silver futures for April delivery sank 0.1% to $28.79 per ounce. Wednesday’s high for silver was $28.95, while the low was $28.60.

Gold and silver funds declined in Wednesday trading.

Gold and silver mining ETFs also slumped during the day.

Gold mining shares were mostly lower on Wednesday.

Silver mining shares mostly retreated.

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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