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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Edge Higher; Silver Prices also Gain

Monday, December 31, 2012 8:29 AM
Gold prices tacked higher during thinly traded Asian trading hours on Monday as most markets remained open only for half day period or stayed shut on account of New Year eve; nevertheless, uncertainty as to the outcome of last-ditch efforts by lawmakers in Washington on fiscal cliff issue (which looked heading towards nowhere) is bound to keep investors in sidelines, seeking safety in U.S. dollar. Silver prices also edged higher in trading on Monday. For the year, though, gold is well on course to post about 6 percent gain, a 12th successive yearly gain, thanks to extremely accommodative monetary policy adopted by the Federal Reserve and other global central banks across the world. At around 6:00 a.m. EST, gold futures for February delivery gained 0.56 percent to $1,665.60 an ounce and spot gold edged up 0.59% to $1,664.60 an ounce. It’s now just few hours left for the congressional leaders to find a solution on how to trim nation’s deficit before the yearend deadline ends. In case lawmakers fail to reach a deal (which looks very likely now), the U.S. economy is expected to sink in recession as series of automatic spending cuts and tax hikes from Tuesday will badly hit both businesses and average American in multiple ways. Not only across-the-board tax increase will dent monthly income of Americans, large-scale layoffs due to spending cuts (defense Industry etc) will knock down both consumer and business sentiment. While the demand for safe-haven-bets, normally pick up in the backdrop of economic uncertainty, many analysts expect the metal to be under pressure as broader-asset-slump in case of economic slowdown will directly impact gold due to its tendency to track riskier assets in the recent past. The U.S. dollar meanwhile edged higher against the euro on Monday, as investors sought safety in greenback. The WSJ $ Index, at last check, gained 0.11 percent, making dollar-dominated commodities expensive for traders dealing in other currencies. Silver futures climbed 0.65% to $30.17 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.31%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.81%.
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

In green car race, Toyota adds muscle with fuel-cell launchIn green car race, Toyota adds muscle with fuel-cell launch
TOYOTA CITY, Japan/IRVINE, California (Reuters) - In 1997, Toyota caught its competitors by surprise with the revolutionary Prius, the first commercially successful gasoline-electric hybrid car. Now...
SanDisk sees solid-state drive bonanza boosting marginsSanDisk sees solid-state drive bonanza boosting margins
SAN FRANCISCO (Reuters) - SanDisk Corp <SNDK.O> increased its outlook for gross margins in 2014 as fast-growing sales of its high-end solid-state drives helped offset volatile prices for memor...
Google misses revenue target, ad prices slideGoogle misses revenue target, ad prices slide
SAN FRANCISCO (Reuters) - Google Inc`s first-quarter revenue fell short of Wall Street targets and margins narrowed as the price of its ads continued to decline, underscoring the challenges Internet...
Former Bridgestone executive to plead guilty to price fixing: U.S. Justice DeptFormer Bridgestone executive to plead guilty to price fixing: U.S. Justice Dept
WASHINGTON (Reuters) - A former sales manager for Bridgestone Corp <5108.T> has agreed to plead guilty and serve 18 months in prison for participating in a conspiracy to fix the prices of rubber...
French economy minister urges talks over euro strengthFrench economy minister urges talks over euro strength
PARIS (Reuters) - France wants euro zone countries to meet soon in order to discuss the euro`s strength and monetary policy, French Economy Minister Arnaud Montebourg said in a newspaper interview. ...

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.