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Gold Edges Lower on New Eurozone Worries

Gold Silver GLD IAU SLVGold finished lower in Tuesday trading as protests erupted in Spain over the government’s newest austerity measures, raising fresh concerns over the European debt crisis.

Gold futures for December delivery rose slightly to $1,766.40 on Tuesday, according to CME Group. Gold traded as high as $1,777.90 and as low as $1,762.80. Gold bullion closed in London at $1,763, according to BullionVault.

Silver futures slipped, closing down at $33.948 per ounce. Tuesday’s high for silver was $34.545, while the low was $33.715.

Gold and silver funds declined in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) listed 0.2% lower.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.2%.
  • The iShares Silver Trust (NYSE:SLV) dropped 0.7%.

Gold and silver mining ETFs slid during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also dropped 1.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 2.5%.

Gold mining shares moved lower on Tuesday, with NovaGold Resources (AMEX:NG) again falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) slid 1.3%
  • Barrick Gold (NYSE:ABX) edged lower by 0.9%.
  • Eldorado Gold (NYSE:EGO) fell 2%.
  • Goldcorp (NYSE:GG) dipped 0.9%.
  • Kinross Gold (NYSE:KGC) moved down 2.3%.
  • Newmont Mining (NYSE:NEM) dipped 0.4%.
  • NovaGold Resources dropped 3.5%.
  • Yamana Gold (NYSE:AUY) slipped 0.9%

Silver mining shares also dipped in Tuesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) fell 1.6%.
  • Hecla Mining (NYSE:HL) declined 3.2%.
  • Pan American Silver (NASDAQ:PAAS) slipped 2.1%.
  • Silver Wheaton (NYSE:SLW) dipped 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 3.2%.

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/2012/09/gold-edges-lower-on-new-eurozone-worries/.

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