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

RBS sets aside $639 million to settle forex probesRBS sets aside $639 million to settle forex probes
LONDON (Reuters) - Royal Bank of Scotland said it had set aside 400 million pounds ($639 million) to cover potential fines for manipulating currency markets and another 100 million to compensate custo...
Fed's Williams: inflation targets work, but room for improvementFed's Williams: inflation targets work, but room for improvement
(Reuters) - A top Federal Reserve policymaker on Friday said global central banks have had good success with inflation-targeting, but should consider other methods that may work better in the face of ...
Sony reports narrower second-quarter loss than estimated on strong PlayStation 4 salesSony reports narrower second-quarter loss than estimated on strong PlayStation 4 sales
TOKYO (Reuters) - Japan`s Sony Corp reported a second-quarter operating loss on Friday that was narrower than analysts had estimated, as blockbuster sales of its PlayStation 4 games console reduced ...
Sony reports narrower second-quarter loss than estimated on strong PlayStation 4 salesSony reports narrower second-quarter loss than estimated on strong PlayStation 4 sales
TOKYO (Reuters) - Japan`s Sony Corp reported a second-quarter operating loss on Friday that was narrower than analysts had estimated, as blockbuster sales of its PlayStation 4 games console reduced th...
BOJ shocks markets with more easing as inflation slowsBOJ shocks markets with more easing as inflation slows
TOKYO (Reuters) - The Bank of Japan surprised global financial markets on Friday by expanding its massive stimulus spending in a stark admission that economic growth and inflation have not picked up...

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.