Gold Rises as Fed Tapering Speculation Grows

by Christopher Freeburn | December 9, 2013 4:28 pm

Gold Silver GLD IAU SLV[1]Gold posted a small gain in light Monday trading as investors pondered recent remarks by a Federal Reserve official, trying to guess when the central bank will begin cutting back its monthly bond-buying.

Driving the latest round of speculation were comments by St. Louis Fed President James Bullard, suggesting that the Fed could start modestly tapering stimulus as soon as this month. The Fed will hold its monthly Federal Open Markets Committee meeting next week.

Gold futures for February climbed 0.4% to $1,229 per ounce on Monday, according to CME Group[3]. Gold traded as high as $1,237.60 and as low as $1,224.60. Bullion closed in London at $1,243, according to BullionVault[4].

Silver futures for March delivery added 0.9%, rising to $19.70 per ounce. Monday’s high for silver was $19.81, while the low was $19.44.

Metal funds improved on Monday.

Mining ETFs advanced during the day.

Gold stocks climbed on Monday.

Silver mining shares moved higher during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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