Global Slowdown Worries Keep Gold Flat

Silver mining shares rose while gold miners were mixed

   

Global Slowdown Worries Keep Gold Flat

PreciousMetalsRecap Global Slowdown Worries Keep Gold FlatGold remained mostly unchanged on Wednesday as fears of a global economic slowdown were reinforced by lowered outlooks from Alcoa (NYSE:AA) and Chevron (NYSE:CVX).

Gold futures for December delivery rose slightly to $1,765.10 on Wednesday, according to CME Group. Gold traded as high as $1,770 and as low as $1,758.50. Gold bullion closed in London at $1,766, according to BullionVault.

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Silver futures for December delivery also slipped, closing down at $33.11 per ounce. Wednesday’s high for silver was $34.19, while the low was $33.75.

Gold and silver funds were mixed in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged down 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.1%.
  • The iShares Silver Trust (NYSE:SLV) moved up 0.4%.

Gold and silver mining ETFs were also mixed for the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.5%.

Gold mining shares mostly edged higher on Wednesday, with Yamana Gold (NYSE:AUY) posting the largest gain.

  • Agnico-Eagle Mines (NYSE:AEM) slipped 0.4%
  • Barrick Gold (NYSE:ABX) declined 0.8%.
  • Eldorado Gold (NYSE:EGO) fell 0.9%.
  • Goldcorp (NYSE:GG) tumbled improved 0.2%.
  • Kinross Gold (NYSE:KGC) gained 0.3%.
  • Newmont Mining (NYSE:NEM) rose 0.6%.
  • NovaGold Resources (AMEX:NG) climbed 1.2%.
  • Yamana Gold moved up 1.7%.

Silver mining shares closed higher in Wednesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) rose 1.1%.
  • Hecla Mining (NYSE:HL) edged up 0.2%.
  • Pan American Silver (NASDAQ:PAAS) gained 0.1%.
  • Silver Wheaton (NYSE:SLW) increased 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/10/global-slowdown-worries-keep-gold-flat/.

©2014 InvestorPlace Media, LLC

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