Gold futures traded 1.2% lower Wednesday with a final bid of $1,570.80 per ounce, according to CME Group data. Gold reached a high of $1,585.70 and a low of $1,567.20. Gold bullion ended at $1,579 per ounce for Tuesday’s trading session in London, according to BullionVault.
Gold miners also continued to struggle. The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.4% on Wednesday, bringing losses to almost 14% in the past month.
According to Metal Economics Group, the gold mining industry is failing to make sufficient new discoveries of gold to keep pace with production.
“The amount of gold available for production in the near term is likely far less than has been found (in recent years),” MEG said, citing factors such as political instability, declining ore grades and rising costs.
Silver futures were down about 0.8%with a final bid of $27.08 per ounce. Wednesday’s high for silver prices reached $27.25, and the low was $26.87.
Gold and silver trusts dipped slightly Wednesday.
- The SPDR Gold Trust (NYSE:GLD) was down about 0.3%.
- The iShares Gold Trust (NYSE:IAU) was about 0.3% lower.
- The iShares Silver Trust (NYSE:SLV) drooped about 0.2%.
Gold and silver mining ETFs showed varying losses Wednesday.
- The Market Vectors Gold Miners ETF was down about 1.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dipped about 0.4%.
- The Global X Silver Miners ETF (NYSE:SIL) was about 0.6% lower.
- Agnico-Eagle Mines (NYSE:AEM) lost about 0.4%.
- Barrick Gold (NYSE:ABX) was 1% lower.
- Eldorado Gold (NYSE:EGO) showed losses of around 0.2%.
- Goldcorp (NYSE:GG) dove about 3.3%.
- Kinross Gold (NYSE:KGC) was about 1.6% lower.
- Newmont Mining (NYSE:NEM) dipped about 0.9%.
- NovaGold Resources was flat.
- Yamana Gold (NYSE:AUY) was down about 3%.
Silver mining shares were slightly lower Wednesday.
- Coeur d’Alene Mines (NYSE:CDE) was down about 1.7%.
- Hecla Mining (NYSE:HL) dipped about 0.9%.
- Pan American Silver (NASDAQ:PAAS) was around 0.8% lower.
- Silver Wheaton (NYSE:SLW) slipped about 0.2%.
- Silver Standard Resources (NASDAQ:SSRI) fell about 0.3%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.