Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold and Silver Prices Slip, Platinum Futures Plunge over 2%

Wednesday, January 16, 2013 8:47 AM
Gold futures having breached the key resistance level of $1,678 an ounce on Wednesday slipped during Asian trading hours on Wednesday, in spite of weaker U.S. dollar as lack of liquidity and investors’ cautious approach, waiting to get more clear directions from central banks and economic indicators, eased demand. Silver prices also edged lower in early trading on Wednesday. At around 6:00 a.m. EST, gold futures for February delivery slipped 0.3% to $1,678.80 while spot gold inched up 0.03% to $1,679.00. According to Wang Tao, a market analyst at Reuters, technical charts are suggesting that gold futures can hit $1,701 an ounce on Wednesday. However, Li Ning an analyst at CIFCO futures in Shanghai, China thinks that short term gains are likely to be capped due to lack of liquidity in the market. Net long positions in gold futures and options have fallen to a four month low. “Technicals and fundamentals are both supportive of gold, but we are missing the flow of liquidity,” said Li Ning, according to Reuters. “If we see investors pour more money into this market, it will help confirm the upward trend,” added Ning. Meanwhile, investors will keep an eye on series economic data, scheduled to be released between Wednesday and Friday, before making any significant investment decision on bullion. While in the U.S., consumer prices, an index of sentiment among home builders and the Fed’s Beige Book are set for a release, China will release its fourth-quarter GDP data. Any weakness or (strength for that matter) in Chinese economy could provide good idea on whether the People’s Bank of China will offer further economic stimulating measures. Softness in U.S. dollar failed to boost the demand of gold. The ICE Dollar Index, a gauge on U.S. unit’s performance against a basket of six major traded currencies slipped 0.17%. In general, the U.S. dollar and gold prices move in opposite direction. Silver futures edged down 0.81% to $31.28 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.63%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.56%. Platinum, having rallied 8% in last six sessions, fell 2.34% to $1,611.50 an ounce, at last check.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Australia’s Crown Resorts drops Sri Lanka $400 million casino planAustralia’s Crown Resorts drops Sri Lanka $400 million casino plan
PERTH, Australia (Reuters) - Australian gaming mogul James Packer’s Crown Resorts Ltd. <CWN.AX> has scrapped a proposed $400 million luxury hotel and resort development in Sri Lanka after Colo...
Exclusive: Sysco, US Foods offer to divest 11 facilities to win FTC deal approvalExclusive: Sysco, US Foods offer to divest 11 facilities to win FTC deal approval
WASHINGTON (Reuters) - Food distributor Sysco Corp <SYY.N> and its biggest rival, US Foods Inc <USFOO.UL>, have offered to sell a smaller competitor 11 facilities in order to convince sk...
Honda says fatal crash involved Takata air bag inflator ruptureHonda says fatal crash involved Takata air bag inflator rupture
DETROIT (Reuters) - Honda Motor Co <7267.T> on Friday said it has confirmed that a Takata Corp <7312.T> air bag inflator ruptured in a Jan. 18 crash in Texas that killed the driver. Prio...
Honda says fatal crash involved Takata air bag inflator ruptureHonda says fatal crash involved Takata air bag inflator rupture
DETROIT (Reuters) - Honda Motor Co Ltd <7267.T> on Friday said it has confirmed that a Takata Corp <7312.T> air bag inflator ruptured in a Jan. 18 crash in Texas that killed the driver. ...
ECB's Praet says quantitative easing will help fend off damaging deflationECB's Praet says quantitative easing will help fend off damaging deflation
BERLIN (Reuters) - European Central Bank Executive Board member Peter Praet defended the ECB`s decision to buy government bonds in an interview published on Saturday, saying it took pre-emptive action...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
arrow
small cap swing trades SmallCaps stocks under $10
Index Signals Index Signals SPY, QQQ, DIA, IWM
options trading Mega Stocks options + stock trade signals
AppleStock FREE AAPL Signals realtime daytrade signals