Global Slowdown Worries Keep Gold Flat
by Christopher Freeburn | October 10, 2012 4:49 pm
Gold remained mostly unchanged on Wednesday as fears of a global economic slowdown were reinforced by lowered outlooks from Alcoa (NYSE:AA[1]) and Chevron (NYSE:CVX[2]).
Gold futures for December delivery rose slightly to $1,765.10 on Wednesday, according to CME Group[3]. 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[4].
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[5]) edged down 0.1%.
- The iShares Gold Trust (NYSE:IAU[6]) also slipped 0.1%.
- The iShares Silver Trust (NYSE:SLV[7]) moved up 0.4%.
Gold and silver mining ETFs were also mixed for the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) rose 0.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) increased 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) dipped 0.5%.
Gold mining shares mostly edged higher on Wednesday, with Yamana Gold (NYSE:AUY[11]) posting the largest gain.
- Agnico-Eagle Mines (NYSE:AEM[12]) slipped 0.4%
- Barrick Gold (NYSE:ABX[13]) declined 0.8%.
- Eldorado Gold (NYSE:EGO[14]) fell 0.9%.
- Goldcorp (NYSE:GG[15]) tumbled improved 0.2%.
- Kinross Gold (NYSE:KGC[16]) gained 0.3%.
- Newmont Mining (NYSE:NEM[17]) rose 0.6%.
- NovaGold Resources (AMEX:NG[18]) climbed 1.2%.
- Yamana Gold moved up 1.7%.
Silver mining shares closed higher in Wednesday trading.
- Coeur d’Alene Mines (NYSE:CDE[19]) rose 1.1%.
- Hecla Mining (NYSE:HL[20]) edged up 0.2%.
- Pan American Silver (NASDAQ:PAAS[21]) gained 0.1%.
- Silver Wheaton (NYSE:SLW[22]) increased 0.9%.
- Silver Standard Resources (NASDAQ:SSRI[23]) climbed 1.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[4] contributed to this report.
Endnotes:
- AA: http://studio-5.financialcontent.com/investplace/quote?Symbol=AA
- CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
- CME Group: http://www.cmegroup.com/
- BullionVault: http://www.bullionvault.com/
- 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
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- 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
- 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
Source URL: https://investorplace.com/2012/10/global-slowdown-worries-keep-gold-flat/