Gold Sinks Ahead of Bernanke Testimony

by Christopher Freeburn | May 21, 2013 4:38 pm

Gold Silver GLD IAU SLV[1]Gold slipped in Tuesday trading, pressured by a rising U.S. dollar. Investors awaited testimony by Federal Reserve Chairman Ben Bernanke before the U.S. Congress Joint Economic Committee on Wednesday for clues about how long the Fed will continue economic stimulus efforts.

Gold futures for June delivery fell 0.5% to $1,377.60 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,399.90 and as low as $1,358. Gold bullion closed in London at $1,377, according to BullionVault[3].

Silver futures for June delivery dropped 0.6% to $22.43 per ounce. Tuesday’s high for silver was $22.85 while the low was $22.05.

Gold and silver funds pulled back in Tuesday trading.

Gold and silver mining ETFs retreated during the day.

Gold mining shares closed lower on Tuesday.

Silver mining shares sank during the day.

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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