Gold 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.
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.