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

Exclusive: Lloyds could move south if Scots vote for independenceExclusive: Lloyds could move south if Scots vote for independence
LONDON (Reuters) - Lloyds Banking Group <LLOY.L> is considering having its registered office in London rather than Edinburgh should Scots vote for independence, banking industry sources told R...
Switzerland urged to step up fight against ill-gotten fundsSwitzerland urged to step up fight against ill-gotten funds
BERNE (Reuters) - Switzerland is not doing enough to rid itself of ill-gotten funds, despite loosening its banking secrecy, and should now beef up its law against money laundering, an global corruptio...
France likely to lower 2015 spending cuts target: Sapin to AFPFrance likely to lower 2015 spending cuts target: Sapin to AFP
PARIS (Reuters) - The French government`s target to rein in public spending next year by 21 billion euros may be lowered due to low inflation, Finance Minister Michel Sapin said in an interview with A...
U.S. court revives shareholder lawsuit vs. Allergan over BotoxU.S. court revives shareholder lawsuit vs. Allergan over Botox
SAN FRANCISCO (Reuters) - A U.S. appeals court on Tuesday revived a shareholder lawsuit against Allergan Inc over allegations that the company improperly marketed and labeled the cosmetic drug Botox. ...
Boeing shares slip after first 'underperform' rating since 2009Boeing shares slip after first 'underperform' rating since 2009
NEW YORK (Reuters) - Boeing Co <BA.N> shares slipped 1.3 percent on Tuesday after a pair of downgrades from highly ranked analysts, including one who cut the stock outlook to "underperform." ...

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.