Market Nuggets: PFGBEST's Daly: Precious Metals 'Crushed' After FOMC Minutes

June gold traded in a narrow $14.10-an-ounce range during the pit session before tumbling in after-hours electronic trading following release of minutes from the March meeting of the Federal Open Market Committee, says Mike Daly, gold and silver specialist with PFGBEST. A recent pattern continued in which precious metals were “crushed” after FOMC comments, Daly says. He cites newswire headlines such as FOMC sees no need to ease unless growth slows, the economy is expanding moderately, labor-market conditions have improved and the economic recovery is expected to gradually strengthen. “In the aftermath of FOMC meeting minutes, June gold was trading under $1,650 per ounce,” Daly says. As of 2:44 p.m. EDT, June gold was $34.70 lower at $1,645 an ounce after settling at $1,672 at the end of the pit session. May silver was down 49.3 cents to $32.605 after finishing the pit session at $32.265.