Gold News & Info

Source: Marketwatch

San Francisco— Mild losses turned into a broad selloff for gold and other metals Wednesday after the day�s round of data painted a brighter picture of the economy and investors steered clear of metals ahead of the U.S. Federal Reserve announcement. Gold for December delivery tumbled $19.30, or 1.4%, to settle at $1,337.60 an ounce on the Comex division of the New York Mercantile Exchange. Silver came off the previous day�s 30-year high, with the December contract declining 40 cents, or 1.6%, to $24.44 an ounce. The dollar firmed, adding to the pressure on gold.

Traders contended with a report showing the U.S. service sector grew more than expected. Factory orders also surpassed expectations. Later in the session, Fed officials are widely expected to announce a second round of bond purchases to help support the economy. �We�ll know the real story on gold today once we hear from the Fed,� said Jay Feuerstein, chief executive officer at 2100 Xenon Group in Chicago. See full story.