Gold Futures Volatile in the Wake of FOMC

Gold futures have been volatile in the wake of Tuesday's FOMC statement. Initially, the precious metal sold off sharply after the Fed gave no new indication about another round of quantitative easing. Immediately after the statement was released, gold futures fell from $1,640 to a low of $1,625 in a matter of minutes. Subsequently, however, gold has soared back and is now trading slightly above where it was at prior to the FOMC statement. At last check, gold futures were down 0.12% to $1,641.70, well off of its lows of the session. The SPDR Gold Trust ETF

was trading up 0.04% to $159.37 and sitting at its highs for the session.