Gold Dips on Lowered Goldman Price Target

by Christopher Freeburn | December 5, 2012 4:57 pm

Gold Silver GLD IAU SLV[1]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[2]). 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[3]. Gold traded as high as $1,706 and as low as $1,685. Gold bullion closed in London at $1,697, according to BullionVault[4].

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[11]) 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[24] contributed to this report.

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