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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices End Nearly Flat; Silver Prices Edge Higher

Wednesday, June 5, 2013 2:05 PM
Gold prices remained steady and hovered around $1,400 an ounce mark on Wednesday as concerns over early winding down of the multi-billion bond purchase program from the Federal Reserve eased following tepid job data. Silver prices, meanwhile, edged higher in trading on Wednesday. U.S. gold futures for August delivery added $1.30 to settle at $1,398.50 an ounce at the COMEX division of the New York Mercantile Exchange while spot gold was last up 0.04% to $1,399.50 an ounce. The Federal Reserve’s monthly $85 billion worth bond purchase program, also referred to as the quantitative easing, has been explicitly tied to an improvement in the labor market. Earlier today, a data provided by Moody’s Analytics and Automatic Data Processing (ADP) showed that the U.S. private sector added just 135,000 new jobs in May, well short of economists’ consensus estimate for 160,000 new job creations. The weakness in job numbers has reignited hopes that the Fed would keep its economic stimulating efforts intact, for the time being. Quantitative easing, which entails excessive currency printing, stokes inflationary concerns in the long run which in turn boosts the demand for inflation-hedge assets such as gold. Another economic indicator, which market participants will closely watch out for is the Labor Department’s monthly non-farm payrolls data for May. In case, the numbers show any weakness then it will be almost certain that the Fed will not hurry to scale down its ongoing quantitative easing. The data is due on Friday. According to Reuters, economists are expecting only modest recovery in the job market. Silver futures were last up 0.41% to $22.50 an ounce. In late trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.05%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.09%.
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

China regulator says scandal-hit food supplier forged production dates: XinhuaChina regulator says scandal-hit food supplier forged production dates: Xinhua
SHANGHAI (Reuters) - Regulators in Shanghai have found that scandal-hit China-based food supplier forged production dates on some of its products and sold them after their expiry, the official Xinhua ...
Apple iPhones allow extraction of deep personal data, researcher findsApple iPhones allow extraction of deep personal data, researcher finds
SAN FRANCISCO (Reuters) - Personal data including text messages, contact lists and photos can be extracted from iPhones through previously unpublicized techniques by Apple Inc employees, the company...
Amazon's far-reaching ambitions, lack of profits, unnerve investorsAmazon's far-reaching ambitions, lack of profits, unnerve investors
SAN FRANCISCO (Reuters) - Amazon.com Inc`s message to investors has always been clear: trust in founder and CEO Jeff Bezos. But after more than a year of mostly disappointing quarterly results, that...
Fox seen selling CNN rather than spinning off despite tax billFox seen selling CNN rather than spinning off despite tax bill
NEW YORK (Reuters) - If Twenty-First Century Fox succeeds in buying Time Warner Inc, it`s likely to sell CNN and pay billions of dollars in taxes rather than go through the headaches of spinning the...
House panel set for Tuesday vote on Fed transparency billHouse panel set for Tuesday vote on Fed transparency bill
WASHINGTON (Reuters) - The House Financial Services Committee said on Friday that it will vote on a bill next week aimed at bringing more transparency to the Federal Reserve, including the controversi...

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.