Commodities Brief – Gold falls on FOMC leak, crude oil tests 94.00

FXstreet.com (Barcelona) - Gold prices fell to daily lows Wednesday during the beginning of US trading, as the FOMC minutes were apparently leaked to lobbyists – in essence forcing the Feds hand in a move earlier than many expected. The minutes reiterated what many had perhaps already known, a general tapering off of QE by year-end. Perhaps not surprisingly, the yellow metal traded down on the news, falling to the USD $1577.76 per oz. at the time of writing.

Silver holding after FOMC leak
Curiously, the white metal has experienced a different trend altogether today, having bounced off earlier lows of 27.68, silver is now paring its losses at the time of writing, despite the recent news regarding the US bond buying program. Monetary easing realities aside, silver has outperformed gold in back-to-back days now. In these moments, silver is still trading negatively on the day, however the spot price is currently trading at USD $27.82 per oz., modestly losing ground on the day.

Crude testing 94.00 level
WTI Crude oil broke above the 94.00 level earlier today, before crashing back below on news surrounding the FOMC decision to reduce its monetary easing policies. As such, crude is now negotiating a price of 93.95, testing this level in what has become familiar ground Wednesday.