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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold and Silver Prices Up as U.S. Dollar Falls Moderately

Thursday, January 10, 2013 7:53 AM
Gold prices edged higher during Asian trading hours on Thursday thanks to slightly weaker dollar even as investors keenly wait for the European Central Bank’s (ECB) policy statement. Silver prices also gained in early trading on Thursday. At around 6:00 a.m. EST, gold futures for February delivery gained 0.45% to $1,663.00 an ounce and spot gold edged up 0.28% to $1,661.44 an ounce. Even though the ECB is expected to keep  the benchmark interest rate unchanged;  some economists are of the view that the monetary union’s central bank could offer hint on further rate cuts in upcoming quarters as the region still grapple with stagnated economy. On Wednesday, an economic data release showed that Germany’s industrial production rose by mere 0.2 percent in November, falling well below economists’ anticipation of 1 percent growth. Global central banks have kept very accommodating monetary policies lately and that has been the driving force behind gold’s bull runs.  2012 was the 12th successive gainful year for the bullion investors. An environment of low interest rates and rampant currency printing (quantitative easing) spikes inflationary fears, which in turn boosts the demand for inflation-hedge bets such as gold. However, the metal has been under pressure since last week when Fed’s minutes from its latest FOMC showed that several  officials were worried about unbridled asset purchases  by central bank from financial markets even as Fed’s balance sheet keeps on ballooning. Gold prices have hovered in the tight range of $25 an ounce all though this week. “The market got a little concerned about how aggressive the Fed will be,” said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong to Thomson Reuters. Meanwhile, the U.S. dollar slipped against all major traded currencies on Thursday making dollar-priced commodities cheaper for traders dealing in currencies other than the U.S. unit. The ICE Dollar Index, a gauge on U.S. dollar’s performance against a basket of six major traded currencies, slipped 0.22% to 80.37. Silver futures climbed 0.88% to $30.16 an ounce. In pre-market trading, iShares Silver Trust (ETF) (NYSE: SLV) was up 0.34% to $29.45.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Oman likely to start cutting subsidies next year -ministerOman likely to start cutting subsidies next year -minister
KUWAIT (Reuters) - Oman`s government is likely to start cutting some state subsidies next year as the decline in global oil prices pressures its finances, Minister for Financial Affairs Darwish al-B...
Deutsche Bank lawyer found dead by suicide in New YorkDeutsche Bank lawyer found dead by suicide in New York
BERLIN (Reuters) - A senior Deutsche Bank regulatory lawyer has been found dead in New York after committing suicide, New York City officials said on Saturday. Calogero Gambino, 41, was found on the...
Areva-Siemens raises claim to $4.4 billion over Finnish reactor delaysAreva-Siemens raises claim to $4.4 billion over Finnish reactor delays
HELSINKI (Reuters) - The French-German consortium Areva-Siemens <AREVA.PA><SIEGn.DE>, the supplier of Finland`s much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Fi...
India's finance minister favors interest rate cut: paperIndia's finance minister favors interest rate cut: paper
NEW DELHI (Reuters) - India`s Finance Minister Arun Jaitley favors a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the central bank has s...
China's auto market growth may halve to 7 percent this year: industry body headChina's auto market growth may halve to 7 percent this year: industry body head
SHANGHAI (Reuters) - Growth in China`s auto market, the world`s biggest, will halve to 7 percent this year weighed down by a slowing economy, the head of an industry body said on Saturday. "Personal...

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.