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.