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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold and Silver Prices Up

Wednesday, January 30, 2013 8:37 AM
Gold prices continued to tack higher during Asian trading hours on Wednesday after snapping four straight sessions of losses in the preceding session as bullion investors took some heart from the news that the Federal Reserve, which is expected to announce its monetary policy statement later today, will keep buying $85 billion bonds, monthly, in order to shore up labor market, lifting metal’s inflation hedge appeal. Silver prices also gained in early trading on Wednesday. At around 6:30 a.m. EST, gold futures for February delivery edged up 0.25% to $1,665.00 an ounce while spot gold gained 0.12% to $1,665.51. Silver futures gained 0.80% to $31.435 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.03% to $30.31, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.30% to $46.50. Although no immediate reaction is anticipated in the bullion market once the Fed announces its policy statement (bullion investors have already factored in that the central bank will continue with its economic stimulating measures), metal’s long term outlook is bullish as number of central banks across the world have adopted extremely accommodating monetary policies which would result in inflationary pressure amid improving global economic indicators. “Growth looks better so the market is shifting out of risky low-yield asset or zero-yield assets to equities, but inflation concerns are opposing that and may be sustaining some interest in gold,” wrote Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong, in a note to investors. Besides rising oil prices will also stoke inflation fears. Brent Crude price matched its three month high level a session before, according to Reuters. In short term though Friesen believes that gold prices will be capped as improving U.S. data will lure investors towards riskier and better performing assets. Physical side Demand Subdued Demand for physical gold, which rose sharply after the metal slumped to its 2 ½ week low earlier during the week, subsided on Wednesday as investors wait for clear directions from the Federal Reserve. Still, the overall demand from Asia, particularly China is relatively weak. Even though Chinese New-year is just around the corner, orders from China this year is nowhere near its previous years’ levels.
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

GM, China's SAIC will develop small vehicles for emerging marketsGM, China's SAIC will develop small vehicles for emerging markets
DETROIT (Reuters) - General Motors Co <GM.N> said on Tuesday it will invest $5 billion over the next several years to develop with its Chinese partner a new family of Chevrolet vehicles aimed ...
As oil slumps, BOJ relies on yogurt, ketchup to hit price goalAs oil slumps, BOJ relies on yogurt, ketchup to hit price goal
TOKYO (Reuters) - Desperate to convince consumers that inflation really is picking up, the Bank of Japan is taking advantage of a gradual rise in food prices, from yogurt and ketchup to "gyudon" bee...
Gold stuck near five-and-a-half year low as Fed rate hike loomsGold stuck near five-and-a-half year low as Fed rate hike looms
MANILA (Reuters) - Gold hovered near its weakest level since early 2010 on Tuesday, reflecting investor hesitation to bid up bullion amid growing expectations of a near-term hike in U.S. interest ra...
Oil prices drop toward four-month lows on glut worries, equities sell-offOil prices drop toward four-month lows on glut worries, equities sell-off
SINGAPORE (Reuters) - Oil prices fell toward four-month lows on Tuesday, dropping for a fifth straight session on persistent worries about a global supply glut, while stock market sell-offs on both ...
Oil prices fall close to four-month lows on China, glut worriesOil prices fall close to four-month lows on China, glut worries
SINGAPORE (Reuters) - Oil prices fell close to four month lows in early Asian trade on Tuesday after stock market sell-offs on both sides of the Pacific rattled investor sentiment about the Chinese ...

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.