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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
  3. session in London: http://www.bullionvault.com/
  4. BullionVault: http://goldnews.bullionvault.com/buy-gold-083020123
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com

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