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 2015 the year you get RICH!

Latest Headlines

Japan's Amari: BOJ may have leeway in meeting inflation targetJapan's Amari: BOJ may have leeway in meeting inflation target
TOKYO (Reuters) - Japanese Economics Minister Akira Amari said on Tuesday that the Bank of Japan could have some leeway in meeting its 2 percent inflation target, given declines in oil prices. Amari...
Oil steadies after OPEC says prices may have bottomedOil steadies after OPEC says prices may have bottomed
SINGAPORE (Reuters) - Oil prices were little changed on Tuesday, with Brent holding above $48 following comments from a top OPEC official that prices may have found a floor. OPEC Secretary-General...
Asia shares rise, euro steadies as Fed meetsAsia shares rise, euro steadies as Fed meets
SYDNEY (Reuters) - Asian shares moved higher on Tuesday and the euro clung to rare gains, relieved that European markets had weathered Greece`s election outcome without much disruption. Bad weathe...
Asia shares mostly higher, euro steady as Fed meets Asia shares mostly higher, euro steady as Fed meets
SYDNEY (Reuters) - Asian share markets were mostly firmer on Tuesday and the euro clung to rare gains, relieved that European equities had weathered Greece`s election outcome without much disruption...
Euro sees rare reprieve, ruble falls after Russia downgradeEuro sees rare reprieve, ruble falls after Russia downgrade
SYDNEY (Reuters) - The embattled euro held onto modest gains early on Tuesday, having bounced off an 11-year trough as investors decided to take profits on extremely bearish positions. The common ...

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