Gold Flat After Obama’s Syria Address

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Gold Silver GLD IAU SLV U.S. President Barack Obama’s televised speech Tuesday night appeared to indefinitely delay any American military action against the regime of Syrian dictator Bashar al-Assad and left gold virtually unchanged in Wednesday trading.

Gold futures for December delivery dipped 20 cents to $1,363.80 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,368.70 and as low as $1,356. Gold bullion closed in London at $1,365, according to BullionVault.

Silver futures for December delivery rose 0.7% to $23.17 per ounce. Wednesday’s high for silver was $23.25, while the low was $22.79.

Gold and silver funds were mostly flat in Wednesday trading.

  • The SPDR Gold Shares (GLD) were flat.
  • The iShares Gold Trust (IAU) was unchanged.
  • The iShares Silver Trust (SLV) climbed 0.7%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) moved up 0.5%.
  • The Global X Silver Miners ETF (SIL) added 0.8%.

Gold mining shares mostly gained on Wednesday.

  • Agnico-Eagle Mines (AEM) dipped 0.1%.
  • Barrick Gold (ABX) rose 1.1%.
  • Eldorado Gold (EGO) was flat.
  • Goldcorp (GG) gained 2%.
  • Kinross Gold (KGC) added 1.5%.
  • Newmont Mining (NEM) increased 0.9%.
  • NovaGold Resources (NG) moved up 0.7%.
  • Yamana Gold (AUY) climbed 1.2%.

Silver mining shares were mostly higher during the day.

  • Coeur d’Alene Mines (CDE) slid 1.7%.
  • Hecla Mining (HL) rose 1.9%.
  • Pan American Silver (PAAS) added 1%.
  • Silver Wheaton (SLW) climbed 2.3%.
  • Silver Standard Resources (SSRI) edged up 0.3%.

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


Article printed from InvestorPlace Media, https://investorplace.com/2013/09/gold-flat-after-obamas-syria-address/.

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