Gold Dips Again on Profit-Taking, Budget Talks

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

Gold Dips Again on Profit-Taking, Budget Talks

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2012/12/gold-dips-again-on-profit-taking-budget-talks/
Short URL: http://invstplc.com/1nKEGdA