bullion

Source: Bloomberg

By Tony C. Dreibus - Aug 19, 2013 8:05 AM ET

Precious metals remained in a holding pattern as gold traded in a tight range ahead of the FOMC minutes and Ben Bernanke’s speech.

Spot gold sold off to $1625 after the FOMC policy statement did not specifically allude the need for additional quantitative easing (QE3) in the near-term, but quickly recovered shortly thereafter as bargain hunting emerged on the price decline. Some highlights of the FED statement are...

A choppy sideways day for precious metals as spot gold regained a portion of yesterday’s losses. The yellow metal traded to $1648, before slipping lower.

Eurozone debt, coupled with poor eurozone data took precious metals lower to start the week. Gold dipped below $1630 to touch $1623.

Heavy selling was the order of the day as spot gold started its dip in European trade and carried over to the North American session. The yellow metal touched its lowest level in two weeks at $1623, light volume as U.S data was light led to the downturn.

A quiet day in the metals market saw gold trade on either side of unchanged levels. A lack of data and nothing new out of Europe kept traders and investors on the sideline.

Spot gold remained range bound on a quiet day with the yellow metal touching $1663, before easing to trade around $1656.

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The selling eased as a small rally in gold put the yellow metal above the $1650 level.