Precious Metals

Investor jitters about a policy statement from the US Federal Reserve dragged down gold today, along with a basket of other industrial and precious metals.

Investor jitters about a policy statement from the US Federal Reserve dragged down gold today, along with a basket of other industrial and precious metals.

Gold fell mid-session by 2.2 percent to $1,444.36 an ounce, before paring back losses to a 1 percent decline at the close, or $1,456 on the spot market. Gold futures ended the day down $17.10 at $1,455 an ounce.

The reverberations of gold’s “Black Monday”, on April 15th, were in place today due to an anticipated report from the Federal Open Market Committee (FOMC), a branch of the US Federal Reserve. Reuters reported that investors sold off a range of commodities led by crude oil and copper, which lost 3.4 percent on the LME, hitting $6,812.75 per tonne.

However, in the end the FOMC report, the conclusion of a two-day meeting, made no mention of a timeframe on ending the central bank’s quantitative easing program, which has been a boon for gold and other precious metals. That kept gold’s losses to a minimum.

Up to today’s retreat, gold has recovered half of its April 15th losses, when the metal plunged 8.5%,  due mostly to physical buyers moving in to snap up the metal at discounted prices.

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MARKETS

Markets
TSX20197.61+15.69
TSXV702.09-3.49
DOW31261.90+8.77
S&P 5003901.36+0.57
NASD11354.62-33.88
ASX7145.60+81.10

COMMODITIES

Commodities
Gold1846.80+0.40
Silver21.76+0.04
Copper4.30+0.02
Palladium1968.65+11.53
Platinum957.67+3.19
Oil110.35-1.86
Heating Oil3.62-0.05
Natural Gas8.06-0.25

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