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Gold Sinks for Third Straight Session

Gold Silver GLD IAU SLVGold fell sharply in Wednesday trading as investors awaited the outcome of the Federal Reserve’s Federal Open Markets Committee Meeting. When the Fed issued a statement at the meeting’s conclusion, gold futures fell even further in after-hours trading. U.S. equities markets also moved lower.

In a widely-expected move, the Fed said it would cut its monthly bond-buying by another $10 billion, down to $55 billion. However, the central bank surprised many on Wall Street by raising its forecast for short-term interest rates in 2015 and 2016. The Fed also abandoned its 6.5% unemployment rate threshold for the first interest rate hike.

Gold Stocks Are Up 35%. Now What?
Gold Stocks Are Up 35%. Now What?

Gold futures for April delivery slid 1.3% to $1,341.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,360.20 and as low as $1,331.40. Bullion closed in London at $1,328, according to BullionVault.

Silver futures for May delivery dipped 0.2% to $20.83 per ounce. Wednesday’s high for silver was $20.97, while the low was $20.53.

Metal funds declined on Wednesday.

  • The SPDR Gold Shares (GLD) sank 1.9%.
  • The iShares Gold Trust (IAU) fell 1.9%.
  • The iShares Silver Trust (SLV) slipped 1.2%.

Mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 3.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5%.
  • The Global X Silver Miners ETF (SIL) declined 3.7%.

Gold stocks sank on Wednesday.

  • Agnico-Eagle Mines (AEM) slid 3.3%.
  • Barrick Gold (ABX) dropped 4.1%.
  • Eldorado Gold (EGO) tumbled 6.9%.
  • Goldcorp (GG) moved down 3.5%.
  • Kinross Gold (KGC) decreased 3.4%.
  • Newmont Mining (NEM) faded 3%.
  • NovaGold Resources (NG) fell back 3.5%.
  • Yamana Gold (AUY) fell 4.2%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) fell 2.8%.
  • Hecla Mining (HL) slid 3.5%.
  • Pan American Silver (PAAS) declined 3.4%.
  • Silver Wheaton (SLW) faded 3.1%.
  • Silver Standard Resources (SSRI) dropped 3.3%.

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

Article printed from InvestorPlace Media, https://investorplace.com/2014/03/gold-sinks-third-straight-session/.

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