by Angela Nazworth | August 7, 2012 4:35 pm
Gold futures about traded 0.2% lower Tuesday, with a final bid of $1,609.90 per ounce, according to CME Group data. Gold prices reached a high of $1,618.10 and a low of $1,610. Gold bullion finished slightly lower at $1,613 per ounce for Tuesday’s trading session in London, according to BullionVault.
“The market as a whole lacks conviction,” Standard Bank commodities strategist Marc Ground said Tuesday. “The little confidence that was forming will most likely have been destroyed by last week’s disappointment (from the lack of action by the Federal Reserve and European Central Bank).”
Silver futures traded 0.8% higher Tuesday, with a final bid of $28.09 per ounce. Tuesday’s high for silver reached $28.18, and the low was $27.74.
Gold and silver trusts finished up Tuesday.
Gold and silver mining ETFs also reeled in gains Tuesday.
Most gold mining shares showed healthy gains Tuesday, with NovaGold Resources (AMEX:NG) and Eldorado Gold (NYSE:EGO) leading the way. Yamana Gold (NYSE:AUY) bucked the trend to finish lower.
Many silver mining shares saw sharp gains Tuesday, with Coeur d’Alene Mines (NYSE:CDE) a big winner for the second day in a row. CDE shares rose more than 5% amid news that the company changed 2012 production guidance Tuesday to the high end of its previous range. CDE also acquired roughly 1.8 million common shares of Huldra Silver at a purchase price of C$1.08 per share.
In other silver mining news, Hecla Mining (NYSE:HL) saw losses after second-quarter earnings missed Wall Street estimates. The company also formally withdrew its bid to acquire shares of U.S. Silver Corp. (PINK:USSIF).
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.
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