Crude Oil, Gold and Silver Retreat Ahead of Fed Meeting (USO, GLD, SLV
By Nick Smith | April 27, 2011 8:34 AM HKT
Crude oil, gold, and silver all fell in price Tuesday, as markets prepared for the U.S. Federal Reserve to hold its policy meeting Wednesday.
Spot gold is down to $1,501.20 an ounce late Tuesday, down $7.25. U.S. light, sweet crude fell slightly, to close at $112.21.
The Fed is not expected to raise interest rates, but global investors play close attention to its actions nonetheless. Job growth and corporate earnings have perked up slightly, so traders will key in on any changes in tone.
Notably, Fed Chairman Ben Bernanke is expected to deliver the first post-decision news briefing in the Federal Reserve's 97-year history.
Silver fell more than 3% today after hitting a 31-year high on Monday. Silver is down to $45.49 an ounce. The metal hit $46.90 an ounce last session, following the lead of its bullish commodity counterparts.
The dollar had a relatively quiet day, falling moderately against a basket of currencies.
The PowerShares DB US Dollar Index (NYSE: UUP) fell $0.05, or 0.24%, to close at $21.16. The ETF has lost nearly 10% of its value this year, hitting its mid-January high at $23.36 a share.
This article was originally published on Benzinga, and is republished here with permission.
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Crude Oil, Gold and Silver Retreat Ahead of Fed Meeting (USO, GLD, SLV)
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