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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Slip; Silver Prices also Lower

Thursday, February 7, 2013 8:41 AM
Gold prices slipped during Asian trading hours on Thursday as investors anxiously wait for the policy rate statement from the European Central Bank (ECB), later today. Silver prices also edged lower in early trading on Thursday. At around 6:30 a.m. EST, gold futures for February delivery inched down 0.09% to $1,677.30 an ounce while spot gold slipped 0.06% to trade near $1,676 an ounce., having hit an intra-day high of $1,680.95 an ounce, as some buying orders surfaced from mainland China, ahead of the week- long Lunar Year Celebrations, which kicks off from this Sunday. The ECB is expected to keep benchmark interest rate unchanged at 0.75%. However, the European leaders are stepping up pressure on the central bank to ease the euro, since they believe it is overvalued.  The recent sharp fall in Japanese Yen has also triggered hue and cry from European leaders. While the ECB might not give an immediate indication on whether the euro is overvalued, any attempt at weakening the currency in coming days, since the economy has not bottomed out, might help bullion, believes Joyce Liu, an investment analyst at Phillip Futures in Singapore, according to Thomson Reuters. The euro and gold prices are strongly correlated. If the ECB decides to weaken the euro then fear of currency debasement could trigger the demand for inflation hedge bets such as gold. Meanwhile platinum group metal continued to rally on Thursday as speculators and investors are taking bullish bets on these metals in the backdrop of improving global industrial production outlook. Both platinum and palladium are used as auto-catalysts. A data provided by Reuters showed that both platinum and palladium traded near their highest levels in 17 months. “We see a lot (of) leading economic indicators supporting platinum and palladium. The economic outlook seems to be brighter than most of us have expected,” said Liu. Silver futures were down 0.26% in early trading. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.13%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.27%.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

After bruising safety crisis, U.S. car watchdog shows its biteAfter bruising safety crisis, U.S. car watchdog shows its bite
WASHINGTON (Reuters) - The U.S. auto safety watchdog, long criticized as toothless and slow, is showing both bark and bite under its new boss - a testimony to his credentials as a safety expert and ...
Greece will not make June IMF repayment: interior ministerGreece will not make June IMF repayment: interior minister
ATHENS (Reuters) - Greece will not make a debt repayment to the International Monetary Fund due next month as it does not have the money, the country`s interior minister said on Sunday. "The four in...
Greece does not have the money to make June IMF repayment: interior ministerGreece does not have the money to make June IMF repayment: interior minister
ATHENS/LONDON (Reuters) - Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors, its interior minister said on Sunday, the m...
G7 finance ministers to address faltering global growthG7 finance ministers to address faltering global growth
LONDON (Reuters) - Finance ministers from the world`s largest developed economies meet in Germany this week against a backdrop of faltering global growth, scant inflationary pressures and a bond mar...
Exporters taste credit after Portugal's long lending droughtExporters taste credit after Portugal's long lending drought
LISBON (Reuters) - In Portugal, getting a loan is still harder than in almost any other country in the eurozone. But if your company exports, you may be in luck. The country has been at the sharp ...

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.

Algorithm Based
Trade Signals
arrow
swing trades FREE Swing Trade Ideas Clear, simple swing trades.
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!