Gold (GLD) Lower Following Fed Statement
Tweet
Share
E-mail
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Warsh: I'm Here To Double Down On Fed's 2% Inflation Target
- Oil up 9% to one-month high as US says it will blockade entire Iranian coastline, all vessels
- Natural Gas Inventory 61 bcf vs 56 bcf Expected
Create E-mail Alert Related Categories
CommoditiesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
