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

Pre Market | Dow Jones | Gold | Newsletters | Learn

Do You Like Swing Trading?
Learn how we win with easy 3-5 day holds.
Be 'active' in the market while NOT being tied to your desk.
100% secure: your email is never shared, and you may opt out at any time.

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

China July industrial profits slip 2.9 percent year on yearChina July industrial profits slip 2.9 percent year on year
BEIJING (Reuters) - Profits earned by Chinese industrial companies declined 2.9 percent in July from a year ago, official data showed on Friday, underlining the weakness in the world`s second-largest ...
Oil markets extend gains after biggest daily climb in six yearsOil markets extend gains after biggest daily climb in six years
SEOUL (Reuters) - Crude oil futures rose on Friday in Asian trading, adding to their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished cr...
Oil markets catch breath after biggest gains in six yearsOil markets catch breath after biggest gains in six years
SEOUL (Reuters) - Crude oil futures were largely steady on Friday after posting their biggest one-day rally in over six years the day before led by recovering equity markets and news of diminished c...
Asia extends global stocks rally as upbeat U.S. GDP soothes sentimentAsia extends global stocks rally as upbeat U.S. GDP soothes sentiment
TOKYO (Reuters) - Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment shaken by days of turmoil in Chinese equities. Wall Street rose sharply overnight ...
Inmarsat says new broadband network offers bright sales prospectsInmarsat says new broadband network offers bright sales prospects
WASHINGTON (Reuters) - Britain`s Inmarsat Plc said Friday`s expected launch of its third Global Xpress satellite will allow it to offer mobile broadband service to customers in the remotest regions,...

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.