Gold futures about traded 0.2% higher Wednesday, with a final bid of $1,613.10 per ounce, according to CME Group data. Gold prices reached a high of $1,616.60 and a low of $1,603.10. Gold bullion finished at $1,615 per ounce for Wednesday’s trading session in London, according to BullionVault.
“There is a lack of momentum in the market,” a dealer in Hong Kong told Bullion Vault. “Prices are unlikely to break above $1,620 but falling below $1,570 is also difficult. Many traders are more interested in watching the Olympics than trading.”
Silver futures were flat Wednesday, with a final bid of $28.08 per ounce. Wednesday’s high for silver reached $28.21, and the low was $27.66.
Gold and silver trusts had varying results Wednesday.
- The SPDR Gold Trust (NYSE:GLD) was up 0.1%.
- The iShares Gold Trust (NYSE:IAU) was 0.1% higher.
- The iShares Silver Trust (NYSE:SLV) lost 0.2%.
Gold and silver mining ETFs also showed mixed results.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 0.7% lower.
- The Global X Silver Miners ETF (NYSE:SIL) climbed 0.5%.
Some gold mining shares fared better than others Wednesday. For example, NovaGold Resources (AMEX:NG) showed healthy gains, while Eldorado Gold (NYSE:EGO) dropped more than 2%.
- Agnico-Eagle Mines (NYSE:AEM) was down 0.2%.
- Barrick Gold (NYSE:ABX) finished 0.7% lower.
- Eldorado Gold dropped 2.5%.
- Goldcorp (NYSE:GG) fell 0.7%.
- Kinross Gold (NYSE:KGC) was 0.1% lower.
- Newmont Mining (NYSE:NEM) finished 0.6% higher.
- NovaGold Resources gained 3.1%.
- Yamana Gold (NYSE:AUY) finished down 0.3%.
Silver mining shares were all over the place, with Silver Wheaton (NYSE:SLW) racking up big gains amid news that it raised its one- and five-year guidance.
- Coeur d’Alene Mines (NYSE:CDE) climbed 2%.
- Hecla Mining (NYSE:HL) dipped 0.2%.
- Pan American Silver (NASDAQ:PAAS) was 0.5% higher.
- Silver Wheaton (NYSE:SLW) rose 4.4%.
- Silver Standard Resources (NASDAQ:SSRI) slipped 0.1%.
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.