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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Edge Higher; Silver Prices also Gain

Monday, January 7, 2013 8:11 AM
Gold prices held mild gains during Asian trading hours on Monday as metal’s safe-haven appeal received a boost on Friday after Labor Department’s job data showed that the U.S. job market, although showing improvement, is not strong enough to press the Fed to prolong its ongoing quantitative easing (QE) measures. Silver prices also edged higher in early trading on Monday. At around 5:30 a.m. EST; gold futures for February delivery edged up 0.34% to $1,654.30 an ounce while spot gold was almost flat at $1,654.50 an ounce. On Friday, gold prices swung wildly in either direction. While unresolved issues in Washington concerning spending cuts and debt ceiling together with minutes from Federal Reserve’s latest policy rate meeting, which showed many officials not in favor of massive asset purchase from the financial markets, kept pressure on prices initially pulling the metal to its 4-1/2 month low, weaker than expected labor market data, released later during the day, brought back bullion investors as expectation grew that period of rampant currency printing would not halt anytime soon. Earlier in 2012, the Fed vowed to continue with its QE3 measures until the job market showed drastic improvement. The metal although ended 1.5 lower for the session, it bounced back from its session’s low of $1,625 to gain 1.5 percent towards the end of the day to settle at $1,648.90 an ounce. Speaking to Thomson Reuters, one Sydney based trader said, “There is still hope for gold. I'm much less sanguine about the state of the U.S. economy, as some of the leading indicators are suggestive of a slowdown in U.S. payrolls growth and a stalling in the drop in the unemployment rate.” Accordingly the Fed will need to persists with its economic stimulating program which in turn boost gold’s prices as fear of currency debasement in the backdrop rampant currency printing will prompt investors to seek safety in inflation hedge assets, said the trader. In a note, Li Ning, an analyst at Shanghai CIFCO Futures, said, “We think gold still has a chance of breaking above $1,800 and even reach $1,900 in the first half of the year due to fragile economic recovery in the United States and easing policies by central banks.” Silver futures gained 0.61 percent to $30.13 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.41%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.09%.
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

Leading economic indicators rise in MarchLeading economic indicators rise in March
WASHINGTON (Reuters) - A gauge of future U.S. economic activity rose in March, pointing to a pick-up in growth in the months ahead. The Conference Board said on Monday that its Leading Economic Inde...
U.S. NHTSA opens investigation into Bosch electric car chargerU.S. NHTSA opens investigation into Bosch electric car charger
(Reuters) - U.S. safety regulators have opened an investigation of electric car chargers made by German supplier Robert Bosch LLC after a driver of a 2013 Nissan Leaf reported one emitted smoke while ...
Top court declines Exxon's appeal in water pollution caseTop court declines Exxon's appeal in water pollution case
WASHINGTON (Reuters) - The Supreme Court on Monday declined to review a ruling against Exxon Mobil Corp that ordered the company to pay $105 million in damages for polluting New York City`s groundwa...
NHTSA closes four-year probe of Ion steering issues after GM recallNHTSA closes four-year probe of Ion steering issues after GM recall
DETROIT (Reuters) - U.S. safety regulators closed a four-year probe into power steering problems in almost 335,000 older Saturn Ions after General Motors Co recalled the cars, which are also part of a...
UAW union withdraws objection to lost election at VW Tennessee plantUAW union withdraws objection to lost election at VW Tennessee plant
(Reuters) - The United Auto Workers union on Monday said it was withdrawing its objection claiming undue outside political interference in the result of a February election it lost among workers at th...

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.