Gold Prices Edge Lower Ahead of Fed Announcement; Silver Prices also Slip
Gold prices settled lower in trading on Wednesday as investors remained on the sidelines ahead of Silver prices also slipped on Wednesday.
Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled 0.1% lower at $1,733.70 an ounce.
Gold struggled for direction throughout the day as investors remained cautious ahead of Fed’s monetary policy announcement. The Fed will announce its monetary policy decision on Thursday. Bullion investors are hoping that the central bank will implement further monetary easing measures to spur economic growth.
In other precious metals, platinum prices surged on Wednesday amid concerns that strikes and conflict affecting some South African mining companies would spread. According to James Steel, analyst at HSBC in New York, strikes in South Africa could and affect supplies.
Platinum futures for delivery in October rose $42.60 to settle at $1,649.60 an ounce. Palladium futures for delivery in December settled $4.40 higher at $679.30 an ounce.
Silver finished lower on Wednesday. Silver futures for delivery in December settled 0.8% lower at $33.29 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.57% to $32.22, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.29% to $54.51, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.03% to $44.
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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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