Gold remained mostly unchanged on Wednesday as fears of a global economic slowdown were reinforced by lowered outlooks from Alcoa (NYSE:AA) and Chevron (NYSE:CVX).
Gold futures for December delivery rose slightly to $1,765.10 on Wednesday, according to CME Group. Gold traded as high as $1,770 and as low as $1,758.50. Gold bullion closed in London at $1,766, according to BullionVault.
Silver futures for December delivery also slipped, closing down at $33.11 per ounce. Wednesday’s high for silver was $34.19, while the low was $33.75.
Gold and silver funds were mixed in Wednesday trading.
- The SPDR Gold Trust (NYSE:GLD) edged down 0.1%.
- The iShares Gold Trust (NYSE:IAU) also slipped 0.1%.
- The iShares Silver Trust (NYSE:SLV) moved up 0.4%.
Gold and silver mining ETFs were also mixed for the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL) dipped 0.5%.
Gold mining shares mostly edged higher on Wednesday, with Yamana Gold (NYSE:AUY) posting the largest gain.
- Agnico-Eagle Mines (NYSE:AEM) slipped 0.4%
- Barrick Gold (NYSE:ABX) declined 0.8%.
- Eldorado Gold (NYSE:EGO) fell 0.9%.
- Goldcorp (NYSE:GG) tumbled improved 0.2%.
- Kinross Gold (NYSE:KGC) gained 0.3%.
- Newmont Mining (NYSE:NEM) rose 0.6%.
- NovaGold Resources (AMEX:NG) climbed 1.2%.
- Yamana Gold moved up 1.7%.
Silver mining shares closed higher in Wednesday trading.
- Coeur d’Alene Mines (NYSE:CDE) rose 1.1%.
- Hecla Mining (NYSE:HL) edged up 0.2%.
- Pan American Silver (NASDAQ:PAAS) gained 0.1%.
- Silver Wheaton (NYSE:SLW) increased 0.9%.
- Silver Standard Resources (NASDAQ:SSRI) climbed 1.1%.
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.
