Gold futures shrugged off signs of increased Asian bullion-buying to finish lower on Wednesday. Investors ignored gold and sought refuge in the U.S. dollar as equity markets declined during the day.
Gold futures for May delivery dipped 0.3% to $1,382.20 per ounce on Wednesday, according to . Gold traded as high as $1,394.10 and as low as $1,365.60. Gold bullion closed in London at $1,376, according to BullionVault.
Silver futures for May delivery dropped 1.4% to $23.31 per ounce. Wednesday’s high for silver was $23.73, while the low was $22.84.
Gold and silver funds mostly declined in Wednesday trading.
- The SPDR Gold Trust (NYSE:) was flat.
- The iShares Gold Trust (NYSE:) slipped 0.2%.
- The iShares Silver Trust (NYSE:) fell 1%.
Gold and silver mining ETFs pulled back sharply during the day.
- The Market Vectors Gold Miners ETF (NYSE:) tumbled 5.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) dropped 5.3%.
- The Global X Silver Miners ETF (NYSE:) sank 5.9%.
Gold mining shares sank on Wednesday.
- Agnico-Eagle Mines (NYSE:) fell 4.8%.
- Barrick Gold (NYSE:) declined 6.5%.
- Eldorado Gold (NYSE:) slid 4.7%.
- Goldcorp (NYSE:) dipped 2%.
- Kinross Gold (NYSE:) tumbled 7.9%.
- Newmont Mining (NYSE:) moved down 4.2%.
- NovaGold Resources (AMEX:) plunged 7.7%.
- Yamana Gold (NYSE:) dropped 4.7%.
Silver mining shares skidded during the day.
- Coeur d’Alene Mines (NYSE:) plummeted 9.8%.
- Hecla Mining (NYSE:) fell 6.3%.
- Pan American Silver (NASDAQ:) slid 5.6%.
- Silver Wheaton (NYSE:) sank 6.9%.
- Silver Standard Resources (NASDAQ:) dropped 8.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
