Gold, Silver Futures Edge Lower Tuesday
by Angela Nazworth | August 28, 2012 4:45 pm
Gold traded 0.4% lower Tuesday, with a final bid of $1,665.90 per ounce, according to CME Group data[1]. Gold prices reached a high of $1,670.90 and a low of $1,656. Gold bullion finished at $1,670 per ounce for Tuesday’s session in London[2].
“There’s a lot of talk of gold coming back as a safe-haven asset,” Bernard Sin, head of currency and metal trading at Swiss refiner MKS, told BullionVault[3]. “As long as the QE3 discussion is on the table, gold will continue to trade higher.”
Silver futures dipped 0.5% Tuesday, with a final bid of $30.88 per ounce. Tuesday’s high for silver reached $30.98, and the low was $30.49.
Gold and silver funds traded higher on Tuesday.
- The SPDR Gold Trust (NYSE:GLD[4]) finished 0.2% higher.
- The iShares Gold Trust (NYSE:IAU[5]) also was 0.2% higher.
- The iShares Silver Trust iShares Silver Trust (NYSE:SLV[6]) rose 0.6%.
Gold and silver mining ETFs suffered losses with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[7]) faring the worst.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) dipped 0.1%.
- The Market Vectors Junior Gold Miners ETF fell 1.5%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) finished 0.2% lower.
Gold mining shares were mixed Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) was up 0.3%.
- Barrick Gold (NYSE:ABX[11]) finished 0.7% higher.
- Eldorado Gold (NYSE:EGO[12]) ticked up 0.2%.
- Goldcorp (NYSE:GG[13]) dipped 0.1%.
- Kinross Gold (NYSE:KGC[14]) was 0.6% lower.
- Newmont Mining (NYSE:NEM[15]) dropped 0.4%.
- NovaGold Resources (NYSE:NG[16]) edged down 0.2%.
- Yamana Gold (NYSE:AUY[17]) finished 0.5% lower.
Silver mining shares also were mixed Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) climbed 1.7%.
- Hecla Mining (NYSE:HL[19]) rose 0.6%.
- Pan American Silver (NASDAQ:PAAS[20]) ticked up 0.2%.
- Silver Wheaton (NYSE:SLW[21]) was 0.8% lower.
- Silver Standard Resources (NASDAQ:SSRI[22]) stumbled 0.8%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
Endnotes:
- CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
- session in London: http://www.bullionvault.com/
- BullionVault: http://goldnews.bullionvault.com/gold-prices-082820121
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com
Source URL: https://investorplace.com/2012/08/gold-silver-futures-edge-lower-tuesday/