Gold, Silver Edge Lower on Eve of Central Banking Conference

Most gold and silver miners suffer losses as market awaits news


Gold Silver GLD IAU SLVGold traded 0.4% lower Thursday, with a final bid of $1,653.50 per ounce, according to CME Group data. Gold prices reached a high of $1,662 and a low of $1,650.70. Gold bullion finished at $1,660 per ounce for Thursday’s session in London.

“Bullion trading is still quite light with the market awaiting (Friday’s) Jackson Hole symposium,” one London market-maker told BullionVault.

Golden Bulls: Target the GDX
Golden Bulls: Target the GDX

Commerzbank’s commodities team in Frankfurt, Germany issued a statement echoing similar sentiments about precious metals.

“Players on the precious metal marketas s already appear to be exercising restraint ahead of the annual (central-banking) conference this weekend,” they said.

Silver futures dipped 1.5% Thursday, with a final bid of $30.84 per ounce. Thursday’s high for silver reached $30.89, and the low was $30.26.

Gold and silver funds suffered losses on Thursday.

  • The SPDR Gold Trust (NYSE:GLD) recorded marginal losses.
  • The iShares Gold Trust (NYSE:IAU) also showed marginal losses.
  • The iShares Silver Trust iShares Silver Trust (NYSE:SLV) fell 1%.

Gold and silver mining ETFs suffered losses with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) faring the worst.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.8%.
  • The Market Vectors Junior Gold Miners ETF  fell 2.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) finished 1.3% lower.

Most gold mining shares reported losses Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) was down 0.5%.
  • Barrick Gold (NYSE:ABX) showed marginal gains.
  • Eldorado Gold (NYSE:EGO) finished 0.1% lower.
  • Goldcorp (NYSE:GG) dipped 0.5%.
  • Kinross Gold (NYSE:KGC) dropped 1.4%
  • Newmont Mining (NYSE:NEM) edged up 0.2%.
  • NovaGold Resources (NYSE:NG) fell 2.7%.
  • Yamana Gold (NYSE:AUY) finished 0.7% lower.

Silver mining shares fell Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 0.5%.
  • Hecla Mining (NYSE:HL) fell 1.2%.
  • Pan American Silver (NASDAQ:PAAS) finished 0.9% lower
  • Silver Wheaton (NYSE:SLW) was 1.5% lower.
  • Silver Standard Resources (NASDAQ:SSRI) stumbled 1.8%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

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