Gold Dips Again on Profit-Taking, Budget Talks

Gold and silver futures declined, miners eased lower

   

PreciousMetalsRecap Gold Dips Again on Profit Taking, Budget TalksInstitutional profit-taking and lingering uncertainty over the prospects of a U.S. budget deal combined to send gold down slightly in Wednesday trading, hitting its lowest level since August 30.

Gold futures for February delivery fell modestly to $1,668.20 on Wednesday, according to CME Group. Gold traded as high as $1,677.80 and as low as $1,664.20. Gold bullion closed in London at $1,669, according to BullionVault.

11103054 gold bullion 200x200 Gold Dips Again on Profit Taking, Budget Talks
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Silver futures for February delivery sank 1.7% to $31.09 per ounce. Wednesday’s high for silver was $31.79, while the low was $31.06.

Gold and silver funds sank in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.3%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.8%.

Gold and silver mining ETFs also moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also moved down 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 1.1%.

Gold mining shares retreated, with Eldorado Gold (NYSE:EGO) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) declined 1.1%.
  • Barrick Gold (NYSE:ABX) slid 0.5%.
  • Eldorado Gold tumbled 2.7%.
  • Goldcorp (NYSE:GG) edged down 0.1%.
  • Kinross Gold (NYSE:KGC) dropped 1.1%.
  • Newmont Mining (NYSE:NEM) fell 1.4%.
  • NovaGold Resources (NYSE:NG) also retreated 1.4%.
  • Yamana Gold (NYSE:AUY) slipped 0.2%.

Silver mining shares fell on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) declined 1.1%.
  • Hecla Mining (NYSE:HL) dropped 1.8%.
  • Pan American Silver (NASDAQ:PAAS) slid 1%.
  • Silver Wheaton (NYSE:SLW) sank 2.1%
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 1.6%.

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/2012/12/gold-dips-again-on-profit-taking-budget-talks/.

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