Precious Metals Edge Lower After FOMC Statement
On Wednesday, gold (NYSEARCA:GLD) futures for December — the most active contract — decreased $2.50 to close at $1,370.10 per ounce, while silver (NYSEARCA:SLV) futures for September fell 11 cents to finish at $22.96.
Both precious metals edged lower ahead of the latest minutes from the Federal Open Market Committee, but recovered most of their losses shortly after the minutes were released.
The Federal Reserve still believes the economy is weak, as seen in the growth of real gross domestic product in the first six months of the year. Although the latest employment report for June showed “solid gains” in the labor market, the labor force participation rate and part-time employment numbers remain a concern. In the longer-term, policy makers believe the economy will strengthen.