The Dow Jones Industrial Average slipped over 100 points on Wednesday but the sharpest decliners in exchange traded funds tracked gold and commodities, while the U.S. dollar continued to strengthen.
Gold futures lost about $90 an ounce as the precious metal dropped below $1,600 an ounce and its 200-day moving average.
The iShares Gold Trust (NYSEArca: IAU) was down 3.4% in midday trading. [Gold ETFs Face Critical Test]
Oil was also sharply lower Wednesday on European liquidity fears and after the Federal Reserve disappointed investors looking for further easing from the central bank. U.S. Oil Fund (NYSEArca: USO) fell 4.1%.
Yet silver ETFs were suffering the steepest declines in the commodity complex as iShares Silver Trust (NYSEArca: SLV) dropped 6.3% at last check.