Gold Dips Again on Profit-Taking, Budget Talks

by Christopher Freeburn | December 19, 2012 5:17 pm

PreciousMetalsRecap Gold Dips Again on Profit Taking, Budget Talks[1]Institutional 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[2]. 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[3].

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.

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

Gold mining shares retreated, with Eldorado Gold (NYSE:EGO[10]) falling the most.

Silver mining shares fell on Wednesday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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  3. BullionVault:
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  10. EGO:
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  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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