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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Edge Higher; Silver Prices also Gain

Monday, December 10, 2012 8:34 AM
Gold prices inched higher during Asian trading hours on Monday amid expectations over continued monetary easing by the Federal Reserve in coming months despite stronger than expected nonfarm payrolls data, released in the preceding session; nevertheless, gains are likely to be capped as the precious metal is likely to hover in the tight range of $1680-$1750 as investors will remain in sidelines in the backdrop of policy paralysis in Washington with regard to tax hikes. Silver prices also edged higher in early trading on Monday. At around 6:00 EST, gold futures for February delivery gained 0.28 percent to $ 1710.30 an ounce. Earlier on Friday, gold prices posted mild gains but slumped 0.4 percent for the week as some heavy liquidations by funds amid growing fear of deflation (in case the U.S economy falls off the fiscal cliff in the event of no agreement between congressional negotiations) and technical weakness after the metal fell below its key support level of $1,698 an ounce, triggered sell-off. The Federal Reserve, which launched its third round of quantitative easing in September, with an aim to provide stimulus in the labor market, is expected to expand its monthly bond purchase program, as it meets this week for announcing its next policy rate decision. Economists, according to Reuters, say notwithstanding recent improvement in the job market, the Fed is most likely to announce a fresh monthly bond purchase program worth $45 billion – as Operation Twist, which is buying long term bonds from sales proceeds of short term holdings, comes to end an end by December. Echoing the sentiment is Lynette Tan, an analyst at Philip Futures in Singapore. In a note to investors, Tan wrote, “Market expectation is that there could be more quantitative easing towards the end of the month, and this will be supportive of gold.” Speaking to Reuters, one Singapore based trader said, “If the Fed shows reluctance to continue purchases of mortgage-backed securities on improving economic outlook, gold will sell off, but I'd say that's maybe a 10 percent chance.” Meanwhile, silver futures edged up 0.68 percent to $33.36 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.62%.  
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

Yen edges down vs dollar, euro as sentiment improves; BOJ awaitedYen edges down vs dollar, euro as sentiment improves; BOJ awaited
TOKYO (Reuters) - The safe-haven yen was on the back foot on Friday, as risk assets staged a broad recovery and investors awaited the outcome of a Bank of Japan meeting. The dollar added 0.2 perce...
Asian stocks catch Wall Street tailwindAsian stocks catch Wall Street tailwind
SYDNEY (Reuters) - Asian markets looked set for another upbeat session on Friday after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in no rush ...
U.S. holiday sales may recover with help of deep discountsU.S. holiday sales may recover with help of deep discounts
CHICAGO (Reuters) - Despite a disappointing Thanksgiving weekend, U.S. holiday sales may squeak by expectations if steeper and longer-running discounts lure enough shoppers. An uptick in last-minu...
EU leaders agree investment package to boost economyEU leaders agree investment package to boost economy
BRUSSELS (Reuters) - European Union leaders endorsed a new investment programme intended to kick-start economic growth in the bloc at a summit in Brussels, which its chairman said would end late on ...
Canada unveils plan to auction wireless spectrumCanada unveils plan to auction wireless spectrum
TORONTO (Reuters) - The Canadian government unveiled a major update to its plan to allocate airwaves for mobile use on Thursday, and said an auction of high-frequency AWS-3 spectrum will begin on Marc...

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
Forex Forex Signals major FX pairs signals