Gold Edges Lower on Eve of Fed Meeting

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Gold and silver moved down, miners followed

Investor anticipation over the Federal Open Market Committee meeting, which kicks off on Tuesday, combined with pressure from the expiration of Comex option contracts for February, sent gold down slightly in Monday trading.

Gold futures for February delivery slipped fractionally to $1,652.90 on Monday, according to CME Group. Gold traded as high as $1661.60 and as low as $1651. Gold bullion closed in London at $1,658, according to BullionVault.

Silver futures for February delivery fell 1.4% to $30.76 per ounce. Monday’s high for silver was $31.24 an ounce, while the low was $30.76.

Gold and silver funds pulled back in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) declined 0.2%.
  • The iShares Gold Trust (NYSE:IAU) dipped 0.3%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.2%.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 1%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 1.6%.

Gold mining shares declined, with Eldorado Gold (NYSE:EGO) sinking the most.

  • Agnico-Eagle Mines (NYSE:AEM) slipped 0.1%.
  • Barrick Gold (NYSE:ABX) declined 0.8%.
  • Eldorado Gold climbed 1.3%.
  • Goldcorp (NYSE:GG) fell 0.8%.
  • Kinross Gold (NYSE:KGC) sank 2.7%.
  • Newmont Mining (NYSE:NEM) dropped 1.3%.
  • NovaGold Resources (AMEX:NG) dropped 1.9%.
  • Yamana Gold (NYSE:AUY) moved down 1.3%.

Silver mining shares retreated on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) dipped 0.9%.
  • Hecla Mining (NYSE:HL) sank 2.1%.
  • Pan American Silver (NASDAQ:PAAS) fell 1.7%.
  • Silver Wheaton (NYSE:SLW) declined 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 3.5%.

Jan 28, 2013, 5:08 pm EST  |  By Christopher Freeburn, InvestorPlace Writer

http://www.MissionMining.com 

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About Mission Mining

US Gold and Silver Mining - Our Nevada & California mining properties are anticipated to hold extremely large precious metals resources. The Company has posted over $400 Million in Assets in its OTC Filings. Come join us!
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