Gold Dips for Fifth Straight Session

Gold Silver GLD IAU SLVGold declined slightly in Wednesday trading on a day with little economic news. The precious metal has seen its value fall for five consecutive trading sessions.

Gold futures for December delivery sank 0.2% to $1,268.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,279.80 and as low as $1,265. Bullion closed in London at $1,276, according to BullionVault.

Silver futures for December fell 1.6% to $20.44 per ounce. Wednesday’s high for silver was $20.86, while the low was $20.41.

Metal funds were mixed in Wednesday trading.

  • The SPDR Gold Shares (GLD) rose 0.3%.
  • The iShares Gold Trust (IAU) moved up 0.3%.
  • The iShares Silver Trust (SLV) fell 1.1%.

Mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.1%.
  • The Global X Silver Miners ETF (SIL) advanced 0.8%.

Gold stocks mostly improved on Wednesday.

  • Agnico-Eagle Mines (AEM) added .5%.
  • Barrick Gold (ABX) edged up 0.3%.
  • Eldorado Gold (EGO) slipped 0.3%.
  • Goldcorp (GG) climbed 1%.
  • Kinross Gold (KGC) gained 1.6%.
  • Newmont Mining (NEM) rose 1.2%.
  • NovaGold Resources (NG) increased 2.3%.
  • Yamana Gold (AUY) moved up 0.4%.

Silver mining shares mostly advanced during the day.

  • Coeur d’Alene Mines (CDE) increased 0.4%.
  • Hecla Mining (HL) added 0.6%.
  • Pan American Silver (PAAS) moved up 0.6%.
  • Silver Wheaton (SLW) gained 1.7%.
  • Silver Standard Resources (SSRI) fell 1.5%.

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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