Gold futures drop 2% on Fed taper worries S
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Silver prices decline nearly 5% on day; coin sales climb
SAN FRANCISCO (MarketWatch) — Gold futures fell by more than $20 an ounce on Thursday, as traders mulled the timing of a scale back in the Federal Reserve’s bond-buying program.
The Fed on Wednesday maintained the pace of bond-buying, but kept tapering plans on the table.
Gold for December delivery (CNS:GCZ3) lost $25.60, or 1.9%, to settle at $1,323.70 an ounce on the Comex division of the New York Mercantile Exchange. December silver (CNS:SIZ3) , meanwhile, was hit even harder, giving up $1.12, or 4.9%, to end at $21.87 an ounce.
Tracking the most-active futures contracts, gold prices marked their lowest settlement since Oct. 21 and silver prices saw their lowest close since Oct. 16, according to FactSet data.
For the month, the metals showed a mixed performance. Gold futures saw a roughly 0.3% loss following September’s 4.9% decline, while silver tacked on 0.7% after a 7.7% drop in September. http://www.marketwatch.com/story/gold-weakens...2013-10-30
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