by Christopher Freeburn | November 7, 2012 4:38 pm
Gold rose sharply on Wednesday morning as investors digested President Obama’s re-election and the prospect of more federal stimulus. However, rising concern over the “fiscal cliff” of budget cuts and tax hikes caused the rally to falter and the metal closed down for the day.
Gold futures for December delivery dipped to $1,714 on Wednesday, according to CME Group. Gold traded as high as $1,733 and as low as $1,703. Gold bullion closed in London at $1,720, according to BullionVault.
Silver futures for December delivery also slipped, closing down at $31.66 per ounce. Tuesday’s high for silver was $32.42, while the low was $31.21.
Gold and silver funds were mixed in Wednesday trading.
Gold and silver mining ETFs advanced during the day.
Gold mining shares were moved modestly higher on Wednesday, with Yamana Gold (NYSE:AUY) leading the pack.
Silver mining shares were mostly gained on Wednesday.
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.
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