Gold, Silver Edge Lower on Eve of Central Banking Conference

by Angela Nazworth | August 30, 2012 4:46 pm

Gold Silver GLD IAU SLV[1]Gold traded 0.4% lower Thursday, with a final bid of $1,653.50 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,662 and a low of $1,650.70. Gold bullion finished at $1,660 per ounce for Thursday’s session in London[3].

“Bullion trading is still quite light with the market awaiting (Friday’s) Jackson Hole symposium,” one London market-maker told BullionVault[4].

Commerzbank’s commodities team in Frankfurt, Germany issued a statement echoing similar sentiments about precious metals.

“Players on the precious metal marketas s already appear to be exercising restraint ahead of the annual (central-banking) conference this weekend,” they said.

Silver futures dipped 1.5% Thursday, with a final bid of $30.84 per ounce. Thursday’s high for silver reached $30.89, and the low was $30.26.

Gold and silver funds suffered losses on Thursday.

Gold and silver mining ETFs suffered losses with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) faring the worst.

Most gold mining shares reported losses Thursday.

Silver mining shares fell Thursday.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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  2. CME Group data:
  3. session in London:
  4. BullionVault:
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  23. SSRI:
  24. BullionVault:

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