Gold prices were moving lower Wednesday morning amid a better-than-expected 7.7% month-to-month August rise in U.S. existing home sales. Spot gold was quoted at $1,794.50 Bid, $1,795.50 Ask in New York, down 0.57%, having hit a morning high of $1,802.90 and a low of $1,784.30. The London p.m. gold reference price was set at $1,793 per ounce, according to Kitco market data.

Spot silver was moving higher, bid at $40.12 with an ask price of $40.22. The morning high as of time of writing was $40.49 and the low $39.76. Wednesday’s spot silver reference price was set at $40.25 in the London a.m.

All eyes are on Washington, where the Federal Open Market Committee is concluding its two-day meeting, after which Federal Reserve Chairman Ben Bernanke will make a statement. Traders are anticipating that the Fed will try to support the economy by restructuring the Fed’s U.S. Treasury portfolio to keep long-term interest rates low — a move referred to as “Operation Twist.”

Looking at exchange trading, gold trusts were lower, while the iShares Silver Trust was up.

• The SPDR Gold Trust (NYSE:GLD) was nearly 0.4% lower.
• The iShares Gold Trust (NYSE:IAU) was down 0.4%.
• The iShares Silver Trust (NYSE:SLV) was 1.25% higher.

Gold and silver mining ETFs were broadly higher.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was nearly 0.6% higher.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down slightly, losing 0.03%.
• The Global X Silver Miners ETF (NYSE:SIL) was more than 0.8% higher.

Shares of gold miners were mixed, with Agnico Eagle Mines, Barrick Gold and Goldcorp showing gains on the day thus far.

• Agnico Eagle Mines (USA) (NYSE:AEM) was 0.75% higher.
• Barrick Gold Corp. (NYSE:ABX) was up more than 1.3%.
• Goldcorp (NYSE:GG) was 0.25% higher.
• Newmont Mining Corp. (NYSE:NEM) was down around 0.6%.
• NovaGold Resources (USA) (AMEX:NG) was off about 1.4%.

Silver mining shares were higher, with Silver Standard Resources the exception.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was 1.25% higher.
• Hecla Mining (NYSE:HL) was up more than 3%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was around 0.4% higher.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was showing gains of nearly 2.5%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was down about 0.5%.

The author does not hold positions in any of the above-mentioned investments.