The absence of substantial demand could hurt gold prices even as investment demand stays strong.
In other gold news, the Wall Street Journal reported that JPMorgan (JPM) will close its commodity proprietary trading desk to meet with the recent financial reform law. Its prop desk is in London and its dismantling might force liquidations in the gold futures market.
Silver prices were settled down 3 cents at $19.39 while copper closed up 10 cents to $3.47. Base metals were rallying Wednesday on the news the China's manufacturing rose in August to 51.7 with any number over 50 indicating activity.Gold mining stocks, a risky but potentially profitable way to buy gold, were mixed Wednesday. AngloGold Ashanti (AU) was up 0.28% to $42.17 while Kinross Gold (KGC) popped 2.25% to $16.54. Other gold stocks New Gold (NGD) and Gold Fields (GFI) were trading at $6.25 and $14.18, respectively. -- Written by Alix Steel in New York.
>To contact the writer of this article, click here: Alix Steel. >To follow the writer on Twitter, go to http://twitter.com/adsteel. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV