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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Edge Higher, Silver Prices also Inch Up

Tuesday, January 22, 2013 8:53 AM
Gold prices gained during Asian trading hours on Tuesday as demand for inflation-hedge bets increased somewhat thanks to Bank of Japan’s approval of huge economic stimulating package; nevertheless,  the metal is still struggling to breach the psychological $1,700 an ounce mark despite of some pick up in  physical demand from Asia. Silver prices also edged higher in early trading on Tuesday. At last check, gold futures for February delivery edged up 0.31% to $1,692.30 an ounce and spot gold inched up 0.13% to $1,691.69 an ounce. Meanwhile in Japan, Tokyo gold climbed to a record high on Tuesday after the Bank of Japan (BOJ), in line with expectations, agreed with newly elected Prime Minister Shinzo Abe’s call for unprecedented economic stimulating measures and raising the inflation target at 2% from earlier 1.%. Tokyo benchmark gold futures hit a historic high of 4,913 Yen an ounce, according to a data provided by the Thomson Reuters. Just few days ago, Abe announced $117 billion worth economic stimulating package as the country reels under economic stagnation. The approval from BOJ weighed on the yen initially; however, it recovered it lost ground and gained vis-à-vis the U.S. dollar later during the day. However, investors are shying away from the bullion market as the metal has been consistently failing to breach the $1,700 an ounce mark. “Gold really needs to break above $1,700 and close above that level to attract short-term buyers, but the momentum has not built up that much, even when we are right before the Lunar New Year and physical demand is steady,” said Peter Tse, director at ScotiaMocatta , according to Thomson Reuters. Wang Tao, a market analyst at Reuters believe that spot gold will need to stay steady over the resistance level of  $1,694 an ounce if it has to touch the next key resistance of $1,706 an ounce. Silver futures were last up 0.06% to $$31.95 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.26%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.46%.
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

KKR, Nasdaq plan market for trading stakes in buyout funds: WSJKKR, Nasdaq plan market for trading stakes in buyout funds: WSJ
(Reuters) - Private equity firm KKR & Co LP <KKR.N> plans to allow investors to sell parts of their stake in buyout funds through a new private market run by Nasdaq OMX Group Inc <NDAQ.O&...
Japan's Aso: CPI data shows deflation battle going wellJapan's Aso: CPI data shows deflation battle going well
TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Friday that consumer price data released earlier showed that things are proceeding well in Japan`s efforts to shake off deflation. Aso, s...
Exclusive: JetBlue flight attendants seek to hold unionization voteExclusive: JetBlue flight attendants seek to hold unionization vote
NEW YORK (Reuters) - Flight attendants at JetBlue Airways are pushing for a vote on whether to unionize, marking a second organizing effort at the formerly non-union airline after pilots authorized ...
Japan says no trade deal with U.S. as Obama prepares to departJapan says no trade deal with U.S. as Obama prepares to depart
TOKYO (Reuters) - Japan and the United States have made progress in trade talks but not reached the deal that they were hoping to seal at a bilateral summit, Economy Minister Akira Amari said on Frida...
Ackman to pay Herbalife whistleblowers' legal fees, not lost payAckman to pay Herbalife whistleblowers' legal fees, not lost pay
BOSTON (Reuters) - Activist investor William Ackman, who is betting more than $1 billion that Herbalife is a pyramid scheme, will cover legal fees and damages for whistleblowers who have spoken out ...

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.