Gold Dips Again on Profit-Taking, Budget Talks
by Christopher Freeburn | December 19, 2012 5:17 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[4]) dipped 0.2%.
- The iShares Gold Trust (NYSE:IAU[5]) also slipped 0.3%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1.8%.
Gold and silver mining ETFs also moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 0.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) also moved down 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 1.1%.
Gold mining shares retreated, with Eldorado Gold (NYSE:EGO[10]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) declined 1.1%.
- Barrick Gold (NYSE:ABX[12]) slid 0.5%.
- Eldorado Gold tumbled 2.7%.
- Goldcorp (NYSE:GG[13]) edged down 0.1%.
- Kinross Gold (NYSE:KGC[14]) dropped 1.1%.
- Newmont Mining (NYSE:NEM[15]) fell 1.4%.
- NovaGold Resources (NYSE:NG[16]) also retreated 1.4%.
- Yamana Gold (NYSE:AUY[17]) slipped 0.2%.
Silver mining shares fell on Wednesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) declined 1.1%.
- Hecla Mining (NYSE:HL[19]) dropped 1.8%.
- Pan American Silver (NASDAQ:PAAS[20]) slid 1%.
- Silver Wheaton (NYSE:SLW[21]) sank 2.1%
- Silver Standard Resources (NASDAQ:SSRI[22]) tumbled 1.6%.
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.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- 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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- 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
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- 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
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/12/gold-dips-again-on-profit-taking-budget-talks/