Gold Flat as U.S. Budget Talks Move Forward
by Christopher Freeburn | December 17, 2012 4:46 pm
[1]After rising in early Monday trading on comments by the Japanese Prime Minister that sparked hope for more Bank of Japan stimulus spending, gold ended the day almost unchanged.
A second meeting between Speaker of the House John Boehner and President Barack Obama suggested that a deal may be close in U.S. budget negotiations, cooling investor enthusiasm for the metal.
Gold futures for February delivery moved up slightly to $1,699.50 on Monday, according to CME Group[2]. Gold traded as high as $1,701 and as low as $1,687.50. Gold bullion closed in London at $1,701, according to BullionVault[3].
Silver futures for February delivery dipped fractionally to $32.30 per ounce. Monday’s high for silver was $32.40, while the low was $32.14.
Gold and silver funds climbed in Monday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 0.2%.
- The iShares Gold Trust (NYSE:IAU[5]) also gained 0.2%.
- The iShares Silver Trust (NYSE:SLV[6]) added 0.1%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) increased 0.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 0.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 0.4%.
Gold mining shares were also mixed, with Eldorado Gold (NYSE:EGO[10]) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM[11]) slid 0.5%.
- Barrick Gold (NYSE:ABX[12]) gained 0.8%.
- Eldorado Gold advanced 1.1%.
- Goldcorp (NYSE:GG[13]) rose 0.4%.
- Kinross Gold (NYSE:KGC[14]) dipped 0.2%.
- Newmont Mining (NYSE:NEM[15]) climbed 0.8%.
- NovaGold Resources (NYSE:NG[16]) fell 0.9%.
- Yamana Gold (NYSE:AUY[17]) also retreated 0.9%.
Silver mining shares mostly moved lower on Monday.
- Coeur d’Alene Mines (NYSE:CDE[18]) dropped 1%.
- Hecla Mining (NYSE:HL[19]) advanced 1.6%.
- Pan American Silver (NASDAQ:PAAS[20]) slipped 0.5%.
- Silver Wheaton (NYSE:SLW[21]) was flat.
- Silver Standard Resources (NASDAQ:SSRI[22]) declined 1%.
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-flat-as-u-s-budget-talks-move-forward/