Gold prices settled higher in trading on Wednesday as renewed concerns over the euro zone boosted the precious metal’s safe-haven appeal. Silver prices were flat on Wednesday.
Gold had slipped earlier on Wednesday; however, the precious metal rebounded amid rising political uncertainty in the euro zone. Gold has struggled so far this year as the improving global economic outlook has hurt the metal’s safe-haven appeal.
Speaking to Reuters, Ole Hansen, analyst at Saxo Bank, said that gold seems to have disconnected from most other markets as investors simply don’t know in which direction they will get the next $100 move. Hansen further said that gold has not closed above or below its 50-day and 200-day simple moving average for the past six days. Hansen believes that once that happens, market participants will get a clue as to which of the two key support and resistance levels will be tested first.
At last check on Wednesday, spot gold was trading 0.2% higher at $1,676 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange gained $5.30 to settle at $1,678.80 an ounce.
Silver prices were flat in trading on Wednesday. At last check, spot silver was trading close to $32 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV
) ended the day 0.16% higher at $30.81, the ProShares Ultra Silver (ETF) (NYSE: AGQ
) ended the day 0.02% higher at $48.01, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL
) ended the day 0.16% lower at $44.51.
Platinum prices rose sharply on Wednesday, with spot platinum gaining 1.5% to $1,732 an ounce. Spot palladium, meanwhile, fell 0.6% to $759 an ounce.