Gold and silver exchange traded funds (ETFs) were little changed Wednesday morning as markets awaited the Federal Reserve’s announcement on interest rates.

SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) were flat in premarket trading. They are the two largest ETFs for the precious metals by assets.

Aside from the Fed announcement on interest rates and the economy, Fed Chairman Ben Bernanke will be holding a press conference with reporters, a first.

“It’s consolidation. Gold has done a bit better than silver over the last couple of days, but we’re still in a holiday period here in London so trading volumes are not as high as normal and I don’t think there will be a huge move (ahead of the Fed),” said Mitsubishi analyst Matthew Turner, according to Reuters. “I don’t think there’s much outlook until after the press conference.”

The silver ETF fell nearly 4% on Tuesday, while the gold fund was off fractionally.

Full disclosure: Tom Lydon’s clients own GLD and SLV.

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