U.S. stock exchange traded funds were little changed before Wednesday’s opening bell following the previous session’s decline on disappointment the Federal Reserve didn’t announce additional stimulus for the economy. Europe’s sovereign debt crisis remains in focus.
Precious metals ETFs traded lower in Wednesday’s premarket action. Gold prices were down nearly 2% while silver futures slipped about 3%.
The metals ETFs have been hurt by a rising dollar this week. PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) is up 2.1% over the past week.
“In an environment where confidence is fragile already, the liquidity premium may rise further, especially in Europe, which would be bearish for gold,” Standard Bank said in a FastMarkets report.