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

Alibaba set to price IPO shares amid investor frenzyAlibaba set to price IPO shares amid investor frenzy
(Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd is set to sell some $22 billion of shares on Thursday, capping a two-week road show that drew frenzied interest from investors worldwide ...
Apple's iPhone 6 gets one Chinese license, needs another before sales beginApple's iPhone 6 gets one Chinese license, needs another before sales begin
BEIJING (Reuters) - Apple Inc`s <AAPL.O> iPhone 6 received regulatory approval for use on domestic frequencies but still requires one more critical licence before it may be sold in the country, ...
Air France pilots strike enters fourth dayAir France pilots strike enters fourth day
PARIS (Reuters) - A pilots strike at Air France stretched into its fourth day on Thursday, with the two sides still at odds in a dispute over cost cuts that has forced the airline to cancel nearly 60 ...
Toshiba says to cut 900 jobs in PC restructuringToshiba says to cut 900 jobs in PC restructuring
TOKYO (Reuters) - Japan`s Toshiba Corp <6502.T> said it would cut 900 jobs in a restructuring of its PC business that will include an exit from business-to-consumer operations in some regions. ...
Japan's frail business mood, exports show economy straining under tax hikeJapan's frail business mood, exports show economy straining under tax hike
TOKYO (Reuters) - Confidence at Japanese manufacturers fell the most in nearly two years in September as a tax increase hit the economy harder than expected, while exports slid in August in a furthe...

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.