Institutional profit-taking and lingering uncertainty over the prospects of a U.S. budget deal combined to send gold down slightly in Wednesday trading, hitting its lowest level since August 30.
Gold futures for February delivery fell modestly to $1,668.20 on Wednesday, according to CME Group. Gold traded as high as $1,677.80 and as low as $1,664.20. Gold bullion closed in London at $1,669, according to BullionVault.
Silver futures for February delivery sank 1.7% to $31.09 per ounce. Wednesday’s high for silver was $31.79, while the low was $31.06.
Gold and silver funds sank in Wednesday trading.
- The SPDR Gold Trust (NYSE:GLD) dipped 0.2%.
- The iShares Gold Trust (NYSE:IAU) also slipped 0.3%.
- The iShares Silver Trust (NYSE:SLV) dropped 1.8%.
Gold and silver mining ETFs also moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also moved down 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL) sank 1.1%.
Gold mining shares retreated, with Eldorado Gold (NYSE:EGO) falling the most.
- Agnico-Eagle Mines (NYSE:AEM) declined 1.1%.
- Barrick Gold (NYSE:ABX) slid 0.5%.
- Eldorado Gold tumbled 2.7%.
- Goldcorp (NYSE:GG) edged down 0.1%.
- Kinross Gold (NYSE:KGC) dropped 1.1%.
- Newmont Mining (NYSE:NEM) fell 1.4%.
- NovaGold Resources (NYSE:NG) also retreated 1.4%.
- Yamana Gold (NYSE:AUY) slipped 0.2%.
Silver mining shares fell on Wednesday.
- Coeur d’Alene Mines (NYSE:CDE) declined 1.1%.
- Hecla Mining (NYSE:HL) dropped 1.8%.
- Pan American Silver (NASDAQ:PAAS) slid 1%.
- Silver Wheaton (NYSE:SLW) sank 2.1%
- Silver Standard Resources (NASDAQ:SSRI) tumbled 1.6%.
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.
