Institutional profit-taking and lingering uncertainty over the prospects of a U.S. budget deal combined to send gold down slightly in Wednesday trading, hitting its lowest level since August 30.
Gold futures for February delivery fell modestly to $1,668.20 on Wednesday, according to CME Group. Gold traded as high as $1,677.80 and as low as $1,664.20. Gold bullion closed in London at $1,669, according to BullionVault.
Silver futures for February delivery sank 1.7% to $31.09 per ounce. Wednesday’s high for silver was $31.79, while the low was $31.06.
Gold and silver funds sank in Wednesday trading.
- The SPDR Gold Trust (NYSE:) dipped 0.2%.
- The iShares Gold Trust (NYSE:) also slipped 0.3%.
- The iShares Silver Trust (NYSE:) dropped 1.8%.
Gold and silver mining ETFs also moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:) fell 0.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) also moved down 0.9%.
- The Global X Silver Miners ETF (NYSE:) sank 1.1%.
Gold mining shares retreated, with Eldorado Gold (NYSE:
) falling the most.
- Agnico-Eagle Mines (NYSE:) declined 1.1%.
- Barrick Gold (NYSE:) slid 0.5%.
- Eldorado Gold tumbled 2.7%.
- Goldcorp (NYSE:) edged down 0.1%.
- Kinross Gold (NYSE:) dropped 1.1%.
- Newmont Mining (NYSE:) fell 1.4%.
- NovaGold Resources (NYSE:) also retreated 1.4%.
- Yamana Gold (NYSE:) slipped 0.2%.
Silver mining shares fell on Wednesday.
- Coeur d’Alene Mines (NYSE:) declined 1.1%.
- Hecla Mining (NYSE:) dropped 1.8%.
- Pan American Silver (NASDAQ:) slid 1%.
- Silver Wheaton (NYSE:) sank 2.1%
- Silver Standard Resources (NASDAQ:) tumbled 1.6%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
