Gold Dips After Tapering Comments But Closes Above $1,300

GOLD

On Monday, gold (NYSEARCA:GLD) futures for December — the most active contract — declined $8.10 to close at $1,302.40 per ounce, while silver (NYSEARCA:SLV) futures for September edged 19 cents lower to finish at $19.72.

Both precious metals dipped as Richard Fisher, president of the Federal Reserve Bank of Dallas, said during a speech that policymakers must “gird our loins” to make the first bond-tapering move this fall.

He added, “When the right time comes, we must carefully remove the program’s pole pin and gingerly unwind it so as not to prompt market havoc.” Fisher also noted that “The challenge now facing the [Federal Open Market Committee] is that of deciding when to begin dialing back the amount of additional security purchases.”