Gold Dips on Lowered Goldman Price Target
by Christopher Freeburn | December 5, 2012 4:57 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[5]) edged down 0.2%.
- The iShares Gold Trust (NYSE:IAU[6]) also slipped 0.2%.
- The iShares Silver Trust (NYSE:SLV[7]) dipped 0.3%.
Gold and silver mining ETFs mostly retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) fell 2.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) declined 2.2%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) sank 1.9%.
Gold mining shares slid on Wednesday, with Eldorado Gold (NYSE:EGO[11]) falling hardest.
- Agnico-Eagle Mines (NYSE:AEM[12]) dropped 3.1%.
- Barrick Gold (NYSE:ABX[13]) fell 2.3%.
- Eldorado Gold tumbled 4.8%.
- Goldcorp (NYSE:GG[14]) slid 3.1%.
- Kinross Gold (NYSE:KGC[15]) slipped 3.8%.
- Newmont Mining (NYSE:NEM[16]) fell 2.5%.
- NovaGold Resources (NYSE:NG[17]) declined 0.9%.
- Yamana Gold (NYSE:AUY[18]) sank 3%.
Silver mining shares mostly moved down on Wednesday.
- Coeur d’Alene Mines (NYSE:CDE[19]) retreated 3.9%.
- Hecla Mining (NYSE:HL[20]) dipped 1.4%.
- Pan American Silver (NASDAQ:PAAS[21]) fell 3.1%.
- Silver Wheaton (NYSE:SLW[22]) dropped 3%.
- Silver Standard Resources (NASDAQ:SSRI[23]) gained 1%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
- 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/
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