Gold and Silver Fall Slightly Before Fed Day

Gold saw a $7.50 gain at $1209.70 in Asia, but it then fell back off in London and New York and ended near its late session low of $1198.95 with a loss of 0.15%.  Silver climbed almost 1% to as high as $18.56 before it also fell back off and ended near its late session low of $18.212 with a loss of 0.81%.

Euro gold climbed over €907, platinum lost $24.30 to $1538.00, and copper climbed a penny to about $3.35.

Gold and silver equities fell over 1% at the open, but they than rallied back higher in mid-morning trade and ended with only slight losses.

There were no major economic reports today.  Tomorrow at 8:30AM EST brings second quarter Productivity expected at 0.1% and Unit Labor Costs expected at 1.5%.  At 10AM is the Wholesale Inventories report for June expected at 0.4%, and at 2:15PM is the FOMC Rate Decision.

Oil and the U.S. dollar index rose while treasuries fell as traders positioned themselves ahead of tomorrow’s fed announcement and $34 billion 3-year note auction.

The Dow, Nasdaq, and S&P rose on hopes the fed will announce some economically simulative measures tomorrow.