by Christopher Freeburn | December 5, 2012 4:57 pm
Gold 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.
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.
Gold and silver mining ETFs mostly retreated during the day.
Gold mining shares slid on Wednesday, with Eldorado Gold (NYSE:EGO) falling hardest.
Silver mining shares mostly moved down 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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