Gold Falls Ahead of Bernanke Remarks

by Christopher Freeburn | June 18, 2013 5:24 pm

Gold Silver GLD IAU SLV[1]Gold posted a solid decline Tuesday as equities markets continued to rise. The metal’s drop came as investors awaited remarks by Federal Reserve Chairman Ben Bernanke following the end of the Fed’s Open Markets Committee Meeting tomorrow. Bernanke’s comments are expected to provide greater insight into whether the central bank plans to continue or wind down economic stimulus efforts this year.

Gold futures for July delivery fell 1.2% to $1,366.70 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,384 and as low as $1,360.70. Gold bullion closed in London at $1,366, according to BullionVault[3].

Silver futures for July delivery also dipped 0.4% to $21.68 per ounce. Tuesday’s high for silver was $21.89 while the low was $21.45.

Gold and silver funds retreated in Tuesday trading.

Gold and silver mining ETFs moved down during the day.

Gold mining shares sank on Tuesday.

Silver mining shares slumped 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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