x
Breaking News
0

Gold and silver extend losses ahead of FOMC minutes

CommoditiesJan 08, 2014 03:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Gold, silver prices fall again ahead of Fed minutes

Investing.com - Gold and silver prices extended losses from the previous session on Wednesday, as investors speculated the U.S. economy will be strong enough to allow the Federal Reserve to continue withdrawing support through 2014.

On the Comex division of the New York Mercantile Exchange, gold futures for March delivery traded at USD1,225.40 a troy ounce during European morning trade, down 0.35%. Gold prices held in a tight range between USD1,224.90 a troy ounce and USD1,231.70 a troy ounce.

The March contract settled 0.68% lower on Tuesday to end at USD1,229.90 a troy ounce. Futures were likely to find support at USD1,212.60 a troy ounce, the low from January 6 and resistance at USD1,247.70, the high from January 6.

Meanwhile, silver for March delivery dropped 1% to trade at USD19.58 a troy ounce, the lowest since January 2. The March contract ended Tuesday’s session with a loss of 1.57% to settle at USD19.78 a troy ounce.

Tuesday’s losses came after data showed that the U.S. trade deficit shrank to the lowest level in four years in November, as exports to China rose to a record high.

Investors were now turning their attention to the minutes of the Fed’s December meeting, due for release later Wednesday, for indications on the possible timing of further reductions in the central bank’s stimulus program.

Gold traders were also awaiting the release of the ADP report on private sector job creation later in the day, a key indicator ahead of Friday’s nonfarm payrolls report, for indications of the strength of the recovery in the labor market.
 
The Fed will reduce its bond-buying program by USD10 billion a month starting in January. Some market participants believe the central bank will likely taper its bond purchases by USD10 billion in each of its next seven meetings before ending the program in December 2014, amid indications of an improving U.S. economy.  

Elsewhere on the Comex, copper futures for March delivery inched up 0.2% to trade at USD3.365 a pound.

Gold and silver extend losses ahead of FOMC minutes
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email