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Gold Dips on Lowered Goldman Price Target

Gold futures declined, silver futures rose and miners mostly sank


Gold Silver GLD IAU SLVGold dipped in Wednesday trading on continued concerns over unresolved U.S. budget talks and a downgrade in the metal’s outlook by Goldman Sachs (NYSE:GS). The company trimmed its  twelve-month price target for gold to $1,800 an ounce — down 7.2% from earlier forecasts.

Gold futures for December delivery slipped to $1,693.70 on Wednesday, according to CME Group. Gold traded as high as $1,706 and as low as $1,685. Gold bullion closed in London at $1,697, according to BullionVault.

6 Metals and Mining Stocks to Sell Now
6 Metals and Mining Stocks to Sell Now

Silver futures for December delivery increased to $32.89 per ounce. Wednesday’s high for silver was $33.17, while the low was $32.53.

Gold and silver funds fell in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged down 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.2%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.3%.

Gold and silver mining ETFs mostly retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 2.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 2.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 1.9%.

Gold mining shares slid on Wednesday, with Eldorado Gold (NYSE:EGO) falling hardest.

  • Agnico-Eagle Mines (NYSE:AEM) dropped 3.1%.
  • Barrick Gold (NYSE:ABX) fell 2.3%.
  • Eldorado Gold tumbled 4.8%.
  • Goldcorp (NYSE:GG) slid 3.1%.
  • Kinross Gold (NYSE:KGC) slipped 3.8%.
  • Newmont Mining (NYSE:NEM) fell 2.5%.
  • NovaGold Resources (NYSE:NG) declined 0.9%.
  • Yamana Gold (NYSE:AUY) sank 3%.

Silver mining shares mostly moved down on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) retreated 3.9%.
  • Hecla Mining (NYSE:HL) dipped 1.4%.
  • Pan American Silver (NASDAQ:PAAS) fell 3.1%.
  • Silver Wheaton (NYSE:SLW) dropped 3%.
  • Silver Standard Resources (NASDAQ:SSRI) gained 1%.

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,

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