Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Settle Higher but Log 24% Quarterly Loss; Silver Prices Rally

Friday, June 28, 2013 2:15 PM
Amid volatile trading, gold prices staged a slight comeback on Friday as rebalancing of portfolios ahead of the end of the last trading session of the month and quarter, and some short covering, supported the demand, on what has been one of the most dismal monthly and quarterly performances by the metal. Silver prices, meanwhile, rallied in trading on Friday. Despite Friday’s gains, the metal has posted a loss of about 24% for the period extending from April to June, showed a data provided by Reuters. The quarterly loss has been steepest since 1968. Gold futures for August delivery gained 1% to settle at $1,223.70 an ounce while spot gold was last up 2.2% to $1,225.90 an ounce. In late trading, the SPDR Gold Trust (ETF) (NYSE: GLD) ended the day 2.37% higher at $118.68. Silver futures jumped 5.27% to $19.53 an ounce, at last check. Commenting over gold’s mini-rally and prices fluctuation, Bill O’Neill, a partner at LOGIC Advisors, a commodities investment firm, said “There are some people covering shorts and some people taking losses as part of quarterly book-squaring to position for the next quarter.” Earlier today, the metal extended losses from the preceding session. Traders said that the “stop loss” was triggered after the metal momentarily dipped below the key support level of $1,200 an ounce. Bullion, which is regarded as a hedge against inflation, came under heavy pressure after the Federal Reserve Chairman, Ben Bernanke signaled at possible scaling down of the multi-billion bond purchase by the year-end, in case U.S. economic data, especially the labor market and housing market showed continued recovery.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2016 the year you get RICH!

Latest Headlines

China to open e-commerce, other sectors to foreign investment - newspaperChina to open e-commerce, other sectors to foreign investment - newspaper
SHANGHAI (Reuters) - China will lift restrictions to investments by foreign firms in a range of service industry sectors, including e-commerce, logistics, accounting and auditing, the China Securities...
EU member states should stress-test banks' cyber risks -European Banking Authority chairmanEU member states should stress-test banks' cyber risks -European Banking Authority chairman
BEIJING (Reuters) - Domestic authorities in European Union member states should stress-test their financial institutions for cyber risks, a top E.U. supervisor said, warning banks might be required to...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More