Gold Slips on U.S. Dollar Rally

by Christopher Freeburn | October 29, 2013 4:11 pm

Gold Silver GLD IAU SLV[1]A strengthening U.S. dollar pushed gold modestly lower in Tuesday trading. The dollar climbed against other currencies as the U.S. Federal Reserve kicked off its two-day Federal Open Markets Committee meeting.

Economists expect the Fed to delay any reduction in its monthly bond-buying until next year due to a flurry of recent reports showing continued weakness in U.S. hiring and economic growth.

Gold futures for December delivery sank 0.5% to $1,345.50 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,360.40 and as low as $1,339.80. Bullion closed in London at $1,349, according to BullionVault[3].

Silver futures for December moved down 0.2% to $22.49 per ounce. Tuesday’s high for silver was $22.63, while the low was $22.30.

Metal funds were mostly lower in Tuesday trading.

Mining ETFs sank during the day.

Gold stocks pulled back on Tuesday.

Silver mining shares retreated 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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