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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Edge Lower, Silver Prices Slip As Well

Thursday, January 3, 2013 8:37 AM
Gold prices retreated on Thursday as the initial optimism over the fiscal cliff deal subsided and as the White House and Republicans prepared themselves for further heated rounds of talks on unresolved issues in next two months. Silver prices also edged lower on Thursday. At around 6:15 a.m. EST, gold futures for February delivery edged down 0.43 percent to $1,681.60, while spot gold fell 0.33 percent to $1,681.0 an ounce. On Wednesday, both spot gold and gold futures climbed 0.8 percent, tracking strong gains in global equity markets and other commodity markets. Gold, which is considered as a safe-haven instrument, tends to gain in the backdrop of economic uncertainty; however, in the recent past it has moved in tandem with riskier assets. Although the Congress approved a bill approving higher taxes on affluent individuals, many other issues such as long-term spending cuts on defense and domestic areas, and a decision on debt ceiling issue, remain unresolved. Until these issues are resolved, market sentiment will remain edgy. Also, metal analysts say that gold is range-bound and to break above $1,700, it will need to first test strong resistance at $1,695 an ounce level. In a note to investors, Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore, said, “Precious metals are currently tracking equities, however they are stuck within the next trading range. For gold, it will need to breach $1,695 before it can actually have another upward trend to break above $1,700.” Holdings in SPDR Gold Trust Fall A data provided by Reuters showed that holdings of SPDR Gold Trust (ETF) (NYSE: GLD), world’s largest gold-backed exchange traded fund, dropped by 0.07 percent to 1349.92 tons as of January 2, Wednesday from 1350.82 tons on Monday. Silver futures slipped 0.23 percent to $30.94 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.03%.
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

Disputed Kurdish oil tanker reappears off Texas coast, still fullDisputed Kurdish oil tanker reappears off Texas coast, still full
HOUSTON (Reuters) - A tanker carrying disputed Iraqi Kurdish crude oil reappeared on satellite tracking on Monday near Texas, days after having gone silent with a $100 million cargo, but the latest ve...
Twenty years on, Schaeuble pleads again for core EuropeTwenty years on, Schaeuble pleads again for core Europe
PARIS (Reuters) - German Finance Minister Wolfgang Schaeuble renewed a call for a core group of European Union countries to move ahead faster with economic and political integration, 20 years after hi...
Euro zone factory growth slows in August amid Ukraine tension - PMIEuro zone factory growth slows in August amid Ukraine tension - PMI
LONDON, (Reuters) - Euro zone manufacturing growth slowed slightly more than initially thought last month as new orders dwindled and factories suffered amid rising tensions in Ukraine, a business su...
French manufacturing shrinks at fastest rate in 15 months in August: PMIFrench manufacturing shrinks at fastest rate in 15 months in August: PMI
PARIS, (Reuters) - French manufacturing activity shrank at the fastest pace in 15 months in August as new orders, employment and stocks of purchases all contracted more sharply, a survey showed on Mon...
Spanish manufacturing grows for ninth straight month in August: PMISpanish manufacturing grows for ninth straight month in August: PMI
MADRID, (Reuters) - Spain`s manufacturing sector expanded for the ninth straight month in August as new orders flooded in and firms took on more staff as the economy recovers, a survey showed on Monda...

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.