Precious Metals Mixed, Gold, Silver Shares Retreat
By jturbin | October 4, 2012 5:46 AM EST
Gold and silver futures oscillated between gains and losses on Wednesday amid a relatively quiet day in the precious metals complex.
Gold for December delivery remained up by $4.50, or 0.3%, at $1,780.10 per ounce in afternoon trading, while silver for December delivery dipped by $0.05, or 0.1%, to $34.62 per ounce.
Shares of most mining companies fared worse than the metals, however, as the Philadelphia Gold & Silver Index (XAU) slid 1.5% to 187.95. Among gold stocks, two of the largest decliners were AngloGold Ashanti (AU) and Harmony Gold (HMY) – which fell by 4.1% to $33.15 and by 5.0% to $7.93 per share, respectively.
Harmony Gold came under pressure after the South African-based gold producer announced that its Khusasalethu mine became the latest cite of strikes by mining workers. Until this point, Harmony had been the only major South African gold miner that had not fallen victim to the nation-wide strike that has caused substantial difficulties for its peers – including AngloGold Ashanti and Gold Fields (GFI).
As for silver equities, notable companies in the red included Coeur d’Alene Mines (CDE) and Silver Standard Resources (SSRI). CDE dropped by 2.2% to $27.81 while SSRI sunk 2.3% to $15.30 per share.
Most Popular Slideshows
- In Photos, Typhoon Rammasun Blasts the Philippines
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- ANZ Seeks Role in Pilot Global Gold Trading Platform in Shanghai
- US California Couple Sells 1,400 Rare Gold Coins Found in Backyard, Now Millionaires
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales