Gold, Silver Edge Lower on Eve of Central Banking Conference

by Angela Nazworth | August 30, 2012 4:46 pm

[1]Gold traded 0.4% lower Thursday, with a final bid of $1,653.50 per ounce, according to CME Group data[2]. 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[3].

“Bullion trading is still quite light with the market awaiting (Friday’s) Jackson Hole symposium,” one London market-maker told BullionVault[4].

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[5]) recorded marginal losses.
• The iShares Gold Trust (NYSE:IAU[6]) also showed marginal losses.
• The iShares Silver Trust iShares Silver Trust (NYSE:SLV[7]) fell 1%.

Gold and silver mining ETFs suffered losses with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) faring the worst.

• The Market Vectors Gold Miners ETF (NYSE:GDX[9]) dipped 0.8%.
• The Market Vectors Junior Gold Miners ETF  fell 2.2%.
• The Global X Silver Miners ETF (NYSE:SIL[10]) finished 1.3% lower.

Most gold mining shares reported losses Thursday.

• Agnico-Eagle Mines (NYSE:AEM[11]) was down 0.5%.
• Barrick Gold (NYSE:ABX[12]) showed marginal gains.
• Eldorado Gold (NYSE:EGO[13]) finished 0.1% lower.
• Goldcorp (NYSE:GG[14]) dipped 0.5%.
• Kinross Gold (NYSE:KGC[15]) dropped 1.4%
• Newmont Mining (NYSE:NEM[16]) edged up 0.2%.
• NovaGold Resources (NYSE:NG[17]) fell 2.7%.
• Yamana Gold (NYSE:AUY[18]) finished 0.7% lower.

Silver mining shares fell Thursday.

• Coeur d’Alene Mines (NYSE:CDE[19]) dropped 0.5%.
• Hecla Mining (NYSE:HL[20]) fell 1.2%.
• Pan American Silver (NASDAQ:PAAS[21]) finished 0.9% lower
• Silver Wheaton (NYSE:SLW[22]) was 1.5% lower.
• Silver Standard Resources (NASDAQ:SSRI[23]) stumbled 1.8%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Source URL: https://investorplace.com/2012/08/gold-silver-edge-lower-on-eve-of-central-banking-conference/

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