Gold futures settled fractionally lower in Wednesday trading ahead of a statement from the Federal Reserve on the future of its monthly bond-buying, but rose sharply in electronic trading afterward.
At the conclusion of its Federal Open ÃÛÌÒ´«Ã½s Committee Meeting in the afternoon, the Fed announced that it would not begin reducing its economic stimulus efforts any time soon. Many investors had expected the Fed to signal near-term plans to begin drawing down its stimulus program.
Equities markets headed higher, and gold rallied in post-settlement comex trading, surging almost 3% in the late afternoon.
Gold futures for December delivery settled down 0.1% to $1,307.60 per ounce on Wednesday, according to . Gold traded as high as $1,348 and as low as $1,291.50. Gold bullion closed in London at $1,368, according to BullionVault.
Silver futures for December delivery fell 1% to $21.56 per ounce. Wednesday’s high for silver was $22.05, while the low was $21.23.
Gold and silver funds jumped in Wednesday trading.
- The SPDR Gold Shares () surged 4.5%.
- The iShares Gold Trust () gained 4.3.
- The iShares Silver Trust () soared 6.4%.
Gold and silver mining ETFs vaulted higher during the day.
- The ÃÛÌÒ´«Ã½ Vectors Gold Miners ETF () advanced 9%.
- The ÃÛÌÒ´«Ã½ Vectors Junior Gold Miners ETF () rocketed up 11.3%.
- The Global X Silver Miners ETF () jumped 11.1%.
Gold mining shares rallied sharply on Wednesday.
- Agnico-Eagle Mines () added 7.8%.
- Barrick Gold () rose 9.9%.
- Eldorado Gold () moved up 8.1%.
- Goldcorp () climbed 8.2%.
- Kinross Gold () gained 8.6%.
- Newmont Mining () increased 8.2%.
- NovaGold Resources () bounced up 8.2%.
- Yamana Gold () jumped 8.8%.
Silver mining shares shot up during the day.
- Coeur d’Alene Mines () jumped 10%.
- Hecla Mining () added 9%.
- Pan American Silver () climbed 9.4%.
- Silver Wheaton () rose 9.2%.
- Silver Standard Resources () surged 11.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
