Gold Slips As European Morale Improves

by Christopher Freeburn | January 23, 2013 5:04 pm

Gold Silver GLD IAU SLV[1]A report from the European Commission that showed rising morale among European consumers, coupled with continued signs of economic improvement in Asia, sent gold down slightly in Wednesday trading.

Gold futures for February delivery declined 0.4% to $1,686.70 on Wednesday, according to CME Group[2]. Gold traded as high as $1,694.80 and as low as $1,683.10. Gold bullion closed in London at $1,688, according to BullionVault[3].

Silver futures for February delivery rose 0.7% to $32.41 per ounce. Wednesday’s high for silver was $32.43 an ounce, while the low was $32.11.

Gold and silver funds mostly dropped in Wednesday trading.

Gold and silver mining ETFs declined during the day.

Gold mining shares moved down, with Kinross Gold (NYSE:KGC[10]) falling the hardest.

Silver mining shares also moved lower on Wednesday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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