Gold Futures Remain Weak after Fed Meeting, Silver Steady

Gold futures extended their losses in electronic trading following todays Fed
meeting. COMEX gold for April delivery settled down by $5.60, or 0.3%, at
$1,694.20 per ounce. The FOMC statement revealed that the Ben Bernanke-led Fed
intends to maintain its set of highly accommodative monetary policies but will
not launch a third round of quantitative easing (QE3). After the release of the
Fed announcement, the yellow metal headed further south, reaching $1,667.40 per
ounce as of 3:28pm ET. In contrast to gold futures, silver held near unchanged
at $33.49 per ounce after the Feds announcement. As for gold and silver shares,
the Philadelphia Gold & Silver Index (XAU) dipped 0.2% to 183.95 this afternoon.