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 2015 the year you get RICH!

Latest Headlines

Shake Shack sizzles in market debutShake Shack sizzles in market debut
(Reuters) - Shares of gourmet hamburger chain Shake Shack Inc <SHAK.N> soared 150 percent in their first few minutes of trading on Friday, valuing the company that grew out of a hotdog cart in...
U.S. consumer sentiment rises to best since 2004U.S. consumer sentiment rises to best since 2004
NEW YORK (Reuters) - U.S. consumer sentiment rose in January to its highest level in 11 years on better job and wage prospects, a survey released on Friday showed. The Thomson Reuters/University of ...
What 5 Of Wall Street's Top Analysts Are Saying About GoogleWhat 5 Of Wall Street's Top Analysts Are Saying About Google
Five of Wall Street`s best analysts commented on Google Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ) after it missed expectations for revenue and earnings in its Q4 report . Shares of GOOG have fallen ...
Best to hike U.S. rates sooner, go slower: Fed's BullardBest to hike U.S. rates sooner, go slower: Fed's Bullard
(Reuters) - The U.S. Federal Reserve should not delay an interest rate rise too long because it risks getting "behind the curve" and having to aggressively tighten policy later, a top Fed official sai...
ECB easing good for U.S.; Fed should not delay rate hike: BullardECB easing good for U.S.; Fed should not delay rate hike: Bullard
(Reuters) - The European Central Bank`s planned bond-buying program is an "unmitigated good" for the U.S. economy, which is enjoying "a lot of bullish factors" right now, a top Federal Reserve officia...

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
AppleStock FREE AAPL Signals realtime daytrade signals