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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Rally on Fiscal Cliff Deal; Silver Prices also Surge

Wednesday, January 2, 2013 4:58 PM
Gold prices rallied in trading on Wednesday as investors cheered a last-minute deal reached by lawmakers to avert the fiscal cliff. Silver prices also rallied on Wednesday. Gold gained after Congress passed a bill to avert the fiscal cliff. However, analysts don’t expect the rally to continue. Speaking to Reuters, Frank McGhee, Head Precious Metals Trader at Integrated Brokerage Services, said that the reaction is way overdone and he wouldn’t be surprised to see a fairly substantial sell-off that could erase a lot if not all of these gains. At last check on Wednesday, spot gold was trading 0.8% higher at $1,687.84 an ounce. Spot gold prices rose to a two-week high of $1,694.70 an ounce on Wednesday before paring some of the gains. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange climbed $13 to $1,688.80 an ounce. Silver prices also surged on Wednesday, with spot silver gaining 2.4% to $31.01 an ounce. In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 1.98% to $29.93, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 3.67% to $45.75, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 4.05% to $48.04. Platinum and palladium also rose sharply on Wednesday. At last check, spot platinum was trading 1.6% higher at $1,559.50 an ounce, while spot palladium was trading 2% higher at $705.97 an ounce.
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

India's growth speeds up in after-glow of Modi's triumphIndia's growth speeds up in after-glow of Modi's triumph
NEW DELHI (Reuters) - The after-glow of Narendra Modi`s election victory nearly four months ago helped India`s lumbering economy register its fastest growth in two-and-a-half years for the quarter e...
U.S. consumer sentiment rises in final August readingU.S. consumer sentiment rises in final August reading
NEW YORK (Reuters) - U.S. consumer sentiment rose in August, while an index of current economic conditions hit its highest since July 2007, a survey released on Friday showed. The Thomson Reuters/Un...
HKEx to consider listing rule change after Alibaba IPO lossHKEx to consider listing rule change after Alibaba IPO loss
HONG KONG (Reuters) - Stung by the loss of the high-profile IPO of Chinese e-commerce firm Alibaba Group, the Hong Kong stock exchange on Friday took a first step towards potentially loosening its l...
Coutts sets aside 110 million pounds for investment advice flawsCoutts sets aside 110 million pounds for investment advice flaws
LONDON (Reuters) - Royal Bank of Scotland`s private bank Coutts has set aside 110 million pounds to compensate thousands of customers for unsuitable investment advice, a person familiar with the mat...
Brazil enters recession in pre-election blow to RousseffBrazil enters recession in pre-election blow to Rousseff
SAO PAULO (Reuters) - Brazil suffered a recession in the first half of the year as investment plunged and the country`s hosting of the World Cup suffocated economic activity, a major blow to Preside...

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.