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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Gain after Bernanke Speech, Silver Prices also Up

Tuesday, January 15, 2013 8:30 AM
Gold prices edged higher during Asian trading hours on Tuesday as the U.S. dollar softened against major traded currencies after Federal Reserve Chairman Ben Bernanke while addressing a gathering at the University of Michigan on Monday, ruled out increasing benchmark interest rates or halting ongoing quantitative easing, keeping metal’s inflation-hedge appeal intact. Silver prices also edged higher in early trading on Tuesday. At around 6:00 a.m. EST, U.S. gold futures for February delivery gained 0.67% to $1,680.50 an ounce. Bullion investors took a sigh of relief on Monday after the Fed chairman said that the central bank will not raise interest rate “prematurely” as it would harm the economy whilst he added that ongoing bond and mortgage backed asset purchase program are not going to spark any inflationary pressure. Bernanke’s remarks have thus put an end to speculation that the Federal Reserve is in hurry to stop its QE3. Earlier in January, bullion investors started to liquidate inflation hedge bets in drove after minutes released from the Fed’s latest FOMC showed that concerns were mounting in certain quarters over central bank’s swelling balance sheet.  The minutes led investors to speculate that sooner or later the Fed will cut down its economic stimulating measures. However, the yellow metal’s gains are likely to be capped in the short to middle-term as uncertainty surrounding the debt-ceiling issue will act as a headwind. “The gold market may go through a repeat of what we saw in December, namely, varying 'mood swings' that will result in directionless trading,” Ed Meir, an analyst at INTL FCStone, said in a research note to clients. Besides, hosts of economic indicators, such as U.S. consumer-price index, retail sales data and China’s fourth quarter GDP data, slated to be released in this week will keep investors anxious. Any weakness in Chinese GDP data for instance will badly hurt metal’s outlook as the country is one of the biggest consumer of gold. Silver futures edged up 0.59% to $31.30 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 1%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.26%.
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

Ex-Bank of New York Mellon trader pleads guilty to insider tradingEx-Bank of New York Mellon trader pleads guilty to insider trading
NEW YORK (Reuters) - A former Bank of New York Mellon Corp <BK.N> trader on Friday pleaded guilty to insider trading based on tips from a former Merck & Co Inc <MRK.N> employee about...
U.S. House panel to meet with safety regulators about Takata air bags next weekU.S. House panel to meet with safety regulators about Takata air bags next week
WASHINGTON/DETROIT (Reuters) - The U.S. House committee looking into the defective air bags made by Japanese supplier Takata Corp <7312.T> will hold an initial briefing with U.S. safety regulato...
U.S. House panel to meet with safety regulators about Takata air bags next weekU.S. House panel to meet with safety regulators about Takata air bags next week
WASHINGTON/DETROIT (Reuters) - The U.S. House committee looking into the defective air bags made by Japanese supplier Takata Corp <7312.T> will hold an initial briefing with U.S. safety regula...
As Cuban economy stagnates, economists press for deeper reformsAs Cuban economy stagnates, economists press for deeper reforms
HAVANA (Reuters) - Some of Cuba`s best-known economists are openly questioning the very core of the Soviet-style command economy and saying market reforms under way are too modest to boost weak grow...
25 European banks fail stress tests: sources25 European banks fail stress tests: sources
FRANKFURT (Reuters) - A group 25 banks have failed European stress tests, while up to 10 of those continue to have a capital shortfall, two people familiar with the matter said on Friday. The health...

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.