Spot gold was down 0.41%, bid at 1,548.50 an ounce as of 11:07 a.m. Prices reached as high as $1,551.20 and dropped as low as $1,530.10, according to Kitco market data. The London afternoon reference price was set at $1,540, $39.50 an ounce below Tuesday’s afternoon reference price.
Spot silver was showing a 0.86% loss, bid below $28 at $27.64 an ounce. The morning high as of time of writing fell below $28 to $27.87, with the low reaching $27.32. Wednesday’s reference price was set at $27.68, 57 cents an ounce below Tuesday’s price fix.
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Gold bullion continued to fall in Asian and London trading Wednesday, hitting one-week lows below $1,550 an ounce, BullionVault reported.
“The yellow metal triggered some major stops as it moved down below $1,570 and back below the trend line,” BullionVault quoted Swiss refiner and finance group MKS’s daily research note. “‘On [Tuesday's] move down, traders saw somewhat 856,000 ounces being exchanged’ in U.S. gold futures.”
Gold and silver trusts continued their losing ways.
- The SPDR Gold Trust (NYSE:GLD) was showing losses of around 0.35%.
- The iShares Gold Trust (NYSE:IAU) was down around 0.2%.
- The iShares Silver Trust (NYSE:SLV) was down more than 0.6%.
Gold- and silver-mining ETFs were moving lower as well.
- The Market Vectors Gold Miners ETF (NYSE:GDX) was showing losses of around 0.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was down around 2%.
- The Global X Silver Miners ETF (NYSE:SIL) was down some 0.3%.
Gold-mining shares were showing losses across the board, with the exception of Barrick Gold, which was breaking ranks and moving higher.
- Agnico-Eagle Mines (NYSE:AEM) was down between 2% and 2.3%.
- Barrick Gold (NYSE:ABX) was up more than 0.6%.
- Eldorado Gold (NYSE:EGO) was around 3.8% lower.
- Goldcorp (NYSE:GG) was nearly 4% lower.
- Kinross Gold Corp. USA (NYSE:KGC) was down around 1.1%.
- Newmont Mining (NYSE:NEM) was showing losses of around 0.6%.
- NovaGold Resources (NYSEAMEX:NG) was down around 1.9%.
- Yamana Gold (USA) (NYSE:AUY) was down some 0.55%.
Silver-mining shares were also continuing their slide.
- Coeur d’Alene Mines (NYSE:CDE) was down around 0.3%.
- Hecla Mining (NYSE:HL) was some 1.55% lower.
- Pan American Silver (NASDAQ:PAAS) was showing losses of around 0.2%.
- Silver Wheaton (NYSE:SLW) was down around 2.1%.
- Silver Standard Resources (NASDAQ:SSRI) was some 1.4% lower.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.