Gold (GLD) Lower Following Fed Statement
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Spot gold and SPDR Gold Shares ETF (NYSE: GLD) are trading lower following a statement today by the Fed. Last week GLD rallied on reports that the Fed was considering QE3 as early as this week. Today’s statement dashed those hopes. Instead the Fed announced that it would keep rates low until 2014 and provide additional accommodation as needed – not exactly what gold bulls were hoping to hear.
As a result, gold traded lower following the announcement. Many gold traders had already pared their expectations going into the Fed meeting this week, so the reaction was relatively modest, though it did put gold on its back foot.
Spot gold currently trades at $1600 per ounce. SPDR Gold Shares (NYSE: GLD) is lower by 0.8 percent intraday on Wednesday.
As a result, gold traded lower following the announcement. Many gold traders had already pared their expectations going into the Fed meeting this week, so the reaction was relatively modest, though it did put gold on its back foot.
Spot gold currently trades at $1600 per ounce. SPDR Gold Shares (NYSE: GLD) is lower by 0.8 percent intraday on Wednesday.
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