Gold, Silver Edge Lower on Eve of Central Banking Conference

Most gold and silver miners suffer losses as market awaits news

   

Gold, Silver Edge Lower on Eve of Central Banking Conference

PreciousMetalsRecap Gold, Silver Edge Lower on Eve of Central Banking ConferenceGold 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.

gold bar on wood table 630 200x200 Gold, Silver Edge Lower on Eve of Central Banking Conference
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.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/gold-silver-edge-lower-on-eve-of-central-banking-conference/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.