Gold, Silver Edge Lower on Eve of Central Banking Conference

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

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

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

Most gold mining shares reported losses Thursday.

Silver mining shares fell Thursday.

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.

  1. [Image]:
  2. CME Group data:
  3. session in London:
  4. BullionVault:
  5. GLD:
  6. IAU:
  7. SLV:
  8. GDXJ:
  9. GDX:
  10. SIL:
  11. AEM:
  12. ABX:
  13. EGO:
  14. GG:
  15. KGC:
  16. NEM:
  17. NG:
  18. AUY:
  19. CDE:
  20. HL:
  21. PAAS:
  22. SLW:
  23. SSRI:
  24. BullionVault:

Source URL:
Short URL: