Tuesday's ETF Winners & Losers

Exchange-traded funds tracking precious metals were among the best performers of Tuesday's session, as speculators drove up gold and silver prices on expectations of an interest rate cut at the Federal Reserve meeting next week.

The Fed is set to meet next Tuesday. Recently, gold futures were surging by $9.50 to $721.70 an ounce. Silver was also on the rise, climbing 20 cents to $12.90 an ounce. Copper and platinum were also trading up.

The PowerShares DB Base Metals (DBB Quote) was adding 69 cents, or 2.9%, to $24.89. The Market Vectors Steel (SLX Quote) ETF gained $1.66, or 2.5%, to $67.80. The Market Vectors Gold Miners (GDX Quote) was up $1.05, or 2.6%, to $41.99. The SPDR S&P Metals & Mining (XME Quote) rose 94 cents, or 1.7%, to $57.75.

Bundled securities tracking the biotech sector were also higher, thanks to a surge in ImClone (IMCL Quote). Clinical trial data showed that the company's Erbitux drug helped lung cancer patients live longer. ImClone's development partner Bristol-Myers Squibb (BMY Quote) was also trading stronger.

The First Trust Amex Biotechnology Index (FBT Quote) was adding 56 cents, or 2.3%, to $25.14. The iShares Nasdaq Biotechnology (IBB Quote) was up $1.15, or 1.4%, to $81.19. The SPDR S&P Biotech (XBI Quote) was higher by 64 cents, or 1.1%, at $57.06.

The Internet HOLDRs (HHH Quote) was also gaining ground. Holding eBay (EBAY Quote) jumped 3.2% after JPMorgan said the Internet auction site's new listings rose 6.1% year-over-year.

On the other hand, oil-related ETFs were declining following OPEC's decision to boost its production quota by 500,000 barrels a day to soothe volatile oil markets.

The iPath S&P GSCI Crude Oil (OIL Quote) fell 55 cents, or 1.3%, to $43.05. The United States Oil (USO Quote) ETF was down 67 cents, or 1.1%, to $58.12. The Oil Service HOLDRs (OIH Quote) was losing $2.11, or 1.1%, to $179.80.