Gold Inches Lower Even As Report Forecasts Record Prices

by Christopher Freeburn | January 16, 2013 4:27 pm

Gold Inches Lower Even As Report Forecasts Record Prices

PreciousMetalsRecap Gold Inches Lower Even As Report Forecasts Record Prices[1]After two sessions of gains, gold retreated slightly on Wednesday. The metal halted its advance even as the Thomson Reuters GFMS Gold Survey predicted that gold will hit record prices during the first half of this year.

Gold futures for February delivery slipped fractionally to $1,683.20 on Wednesday, according to CME Group[2]. Gold traded as high as $1,684.70 and as low as $1,673. Gold bullion closed in London at $1,683, according to BullionVault[3].

Silver futures for February delivery rose slightly to $31.52 per ounce. Wednesday’s low for silver was $31.18 an ounce.

Gold and silver funds rose in Wednesday trading.

Gold and silver mining ETFs sank during the day.

Gold mining shares were mostly lower, with Eldorado Gold (NYSE:EGO[10]) falling the most.

Silver mining shares mostly declined 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://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
  3. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/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/

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