Gold retreated for a third straight session, edging lower in Wednesday trading after the Federal Reserve announced that it would trim another $10 billion from its monthly stimulus. The Fed cut its bond-buying from $55 billion to $45 billion each month at the conclusion of its Federal Open ÃÛÌÒ´«Ã½ Committee meeting. Economists had expected the move.
Yamana Gold () fell harder than other gold miners after it posted an adjusted first-quarter profit of $12.1 million, down from $116.1 million in the prior-year period. Adjusted EPS came in at 2 cents, falling short of the 5 cents that Wall Street had forecast. AUY stock sank 2.1% during the day.
Gold futures for June delivery dipped 40 cents to $1,295.90 per ounce on Wednesday, according to . Gold prices were as high as $1,298.40 and as low as $1,284.90. Bullion closed in London at $1,293, according to .
Silver futures for July delivery dropped 1.9% at $19.17 per ounce. Wednesday’s high for silver was $19.51, while the low was $19.08.
Here’s how metal-based funds and mining stocks fared on Wednesday:
Gold and Silver Funds
- The SPDR Gold Shares () fell 0.5%.
- The iShares Gold Trust () slid 0.5%.
- The iShares Silver Trust () dropped 1.6%.
Gold and Silver Mining ETFs
- The ÃÛÌÒ´«Ã½ Vectors Gold Miners ETF () sank 0.8%.
- The ÃÛÌÒ´«Ã½ Vectors Junior Gold Miners ETF () declined 1.8%.
- The Global X Silver Miners ETF () faded 1%.
Gold Miners
- Agnico Eagle Mines () slipped 0.3%.
- Barrick Gold () fell 1.1%.
- Eldorado Gold () sank 0.5%.
- Goldcorp () fell back 0.5%.
- Kinross Gold () slid 1.5%.
- Newmont Mining () declined 0.8%.
- NovaGold () waned 0.6%.
- Yamana Gold () dropped 2.1%.
Silver Miners
- Coeur d’Alene Mines () added 0.6%.
- Hecla Mining () fell 1%.
- Pan American Silver () inched up 0.1%.
- Silver Wheaton () slid 1.5%.
- Silver Standard Resources () faded 0.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
