Gold Lower Into FOMC as Traders Await Color on QE Expectations (GLD) (IAU)
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Gold prices are lower into FOMC minutes this afternoon. April 2013 contracts are down $22.0 to $1,582.2 per ounce on the Comex.
Many are turning away from safe-haven investments like gold as U.S. equities markets hit multi-year highs this week, attracting more investors in the process.
Investors will be focused on discussion behind a potential unwinding of quantitative, which has largely boosted gold prices over the last few years. Should the Fed hint at easing purchases, U.S. yields and the dollar would grow stronger. This would have a negative impact on dollar-denominated commodities like gold and silver.
Lower on volume today are the SPDR Gold Shares (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) ETFs, which is down 1.4 percent.
Many are turning away from safe-haven investments like gold as U.S. equities markets hit multi-year highs this week, attracting more investors in the process.
Investors will be focused on discussion behind a potential unwinding of quantitative, which has largely boosted gold prices over the last few years. Should the Fed hint at easing purchases, U.S. yields and the dollar would grow stronger. This would have a negative impact on dollar-denominated commodities like gold and silver.
Lower on volume today are the SPDR Gold Shares (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) ETFs, which is down 1.4 percent.
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