Gold Prices Lower ahead of Fed Decision; Silver Prices in Green
Gold prices are down in trading today as investors remain on the sidelines ahead of the release of Federal Reserve’s monetary policy statement later today. Meanwhile, silver prices are marginally higher in trading currently.
A series of weak economic data has raised prospects of further monetary easing from the Federal Reserve. The Fed is likely to extend its Operation Twist program, which expires at the end of this month. It will be interesting to see to if the Fed hints at additional measures to boost the economy.
Ahead of the monetary policy statement, spot gold prices are down 1% to $1,601 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange are currently trading 0.96% lower at $1,607.60 an ounce.
In a research note, HSBC today said that if the FOMC were to decline to hint at further easing, this could undermine gold, but even if bullion should drop, the price will hold above $1,600 an ounce.
Silver prices have edged higher in trading today; however, the gains have been marginal. At last check, spot silver was trading 0.21% higher at $28.44 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.47% lower at $27.51, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.83% lower at $40.79, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.72% higher at $64.40.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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