Gold Dips on Lowered Goldman Price Target

by Christopher Freeburn | December 5, 2012 4:57 pm

Gold Dips on Lowered Goldman Price Target

PreciousMetalsRecap Gold Dips on Lowered Goldman Price Target[1]Gold dipped in Wednesday trading on continued concerns over unresolved U.S. budget talks and a downgrade in the metal’s outlook by Goldman Sachs (NYSE:GS[2]). The company trimmed its  twelve-month price target for gold to $1,800 an ounce — down 7.2% from earlier forecasts.

Gold futures for December delivery slipped to $1,693.70 on Wednesday, according to CME Group[3]. Gold traded as high as $1,706 and as low as $1,685. Gold bullion closed in London at $1,697, according to BullionVault[4].

Silver futures for December delivery increased to $32.89 per ounce. Wednesday’s high for silver was $33.17, while the low was $32.53.

Gold and silver funds fell in Wednesday trading.

Gold and silver mining ETFs mostly retreated during the day.

Gold mining shares slid on Wednesday, with Eldorado Gold (NYSE:EGO[11]) falling hardest.

Silver mining shares mostly moved down on Wednesday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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

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