Gold Gains Ahead of FOMC Meeting

by Christopher Freeburn | July 29, 2013 4:29 pm

Gold Silver GLD IAU SLV[1]Gold rose modestly in Monday trading as investors await the outcome of the Federal Reserve’s Federal Open Markets Committee meeting and a report on U.S. employment later this week. Investors will be looking for signals about the speed with which the Fed will slow its economic stimulus efforts.

Gold futures for August delivery gained 0.5% to $1,328.40 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,338.10 and as low as $1,322.60. Gold bullion closed in London at $1,332, according to BullionVault[3].

Silver futures for August delivery also climbed 0.5% to $19.85 per ounce. Monday’s high for silver was $20.16, while the low was $19.70.

Gold and silver funds sank in Monday trading.

Gold and silver mining ETFs declined during the day.

Gold mining shares were mixed on Monday.

Silver mining shares slipped 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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