Gold dipped 1% on Wednesday on continued profit-taking as softer commodities prices and a rising U.S. dollar weighed on the precious metal.
Gold futures for December delivery declined to $1,753.60 on Wednesday, according to CME Group. Gold traded as high as $1,768.40 and as low as $1,738.30. Gold bullion closed in London at $1,755, according to BullionVault.
Silver futures for December delivery also slipped, closing down at $33.94 per ounce. Wednesday’s high for silver was $34.11, while the low was $33.36.
Gold and silver funds were mostly down in Wednesday trading.
- The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
- The iShares Gold Trust (NYSE:IAU) dipped 0.6%.
- The iShares Silver Trust (NYSE:SLV) rose 0.6%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 1%.
- The Global X Silver Miners ETF (NYSE:SIL) increased 1.1%.
Gold mining shares were broadly higher Wednesday, with Goldcorp (NYSE:GG) rising the most.
- Agnico-Eagle Mines (NYSE:AEM) edged up 0.3%
- Barrick Gold (NYSE:ABX) inched downward 0.1%.
- Eldorado Gold (NYSE:EGO) slipped 0.1%.
- Goldcorp rose 0.9%.
- Kinross Gold (NYSE:KGC) increased 0.7%.
- Newmont Mining (NYSE:NEM) ticked up 0.4%.
- NovaGold Resources (AMEX:NG) moved down 0.2%.
- Yamana Gold (NYSE:AUY) improved 0.5%
Silver mining shares mostly gained in Wednesday trading.
- Coeur d’Alene Mines (NYSE:CDE) rose 1.4%.
- Hecla Mining (NYSE:HL) was unchanged.
- Pan American Silver (NASDAQ:PAAS) climbed 2%.
- Silver Wheaton (NYSE:SLW) slid 1%.
- Silver Standard Resources (NASDAQ:SSRI) increased 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.
