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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Steady Ahead of Chinese GDP Data; Silver Prices Edge Lower

Thursday, January 17, 2013 9:06 AM
Gold futures slipped marginally during Asian trading hours on Thursday as directionless bullion investors are refraining from taking fresh inflation hedge bets ahead of the fourth-quarter GDP data release from China on Friday whilst ambiguity over the continuation of Federal Reserve’s quantitative easing is also weighing on the sentiment. Silver prices have also edged lower in early trading on Thursday. However, spot gold edged up on Thursday after the dollar index slipped against major traded currencies, making dollar priced commodities cheaper for holder of other currencies. At around 6:00 a.m. Eastern, gold futures for February delivery slid 0.06% to $1,682.40 while spot gold gained 0.24% to 1682.90 an ounce. On Wednesday, gold futures reversed two straight sessions of gains to end 70 cents lower at $1,683.20 an ounce. Some signs of economic recovery in the U.S have made bullion investors skeptical over the continuation of Federal Reserve’s quantitative easing. Fed’s Beige Book for January showed that the U.S. economy and consumer spending was gradually picking up while industrial production and capacity utilization also showed slight improvement, according to the Federal Reserve. In this backdrop, there is widespread concern that Fed could halt its bond purchase program much earlier than expected. If growth continues to be really good, it could shift central banks' bias from easing to tightening, which would not be good for the precious metals complex," said Jeremy Fries, commodity strategist at Societe Generale in Hong Kong in a note to investors. Moreover, unresolved issues in Washington (spending cuts issue and debt ceiling),  are creating an unnecessary uncertain macroeconomic environment, drying up the demand for inflation hedge asset. However, metal’s safe haven demand could burnish if political brinkmanship in Washington results in historic default from the world’s largest economy. “Right now the market isn't sure which direction to go,” added Fries. The ICE Dollar Index, a measure on U.S.  Unit’s performance against a basket of six major traded currencies-- slipped 0.21% to 79.64 on Thursday (at last check) from 79.80 in late North American trade on Wednesday. Silver futures inched down 0.16% to $31.49 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.16%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.04%.  
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

Frankfurt court bans Uber taxi services across GermanyFrankfurt court bans Uber taxi services across Germany
FRANKFURT (Reuters) - A regional German court has issued a temporary injunction against Uber, the U.S.-based online chauffeur service, saying its drivers lacked necessary commercial permits, potenti...
German August car sales down about 0.5 percent: sourceGerman August car sales down about 0.5 percent: source
FRANKFURT (Reuters) - Sales of new cars in Germany, Europe`s biggest auto market, declined about 0.5 percent in August, an industry source familiar with the matter told Reuters on Tuesday. Germany`s...
McDonald's to boost China supplier audits after food safety scandalMcDonald's to boost China supplier audits after food safety scandal
SHANGHAI (Reuters) - McDonald`s Corp will increase the number of audits it conducts of suppliers in China, the firm said on Tuesday, after a food scandal in July dented China sales at the U.S. fast fo...
Basel III deposit challenge looms over Islamic banksBasel III deposit challenge looms over Islamic banks
(Reuters) - As banks around the world gear up to meet tough Basel III regulatory standards, Islamic lenders face a source of uncertainty that could prove expensive for them: how regulators will trea...
Eric Cantor to join investment bank Moelis as vice chairmanEric Cantor to join investment bank Moelis as vice chairman
(Reuters) - Former U.S. House Majority Leader Eric Cantor will join investment bank Moelis & Co <MC.N> as vice chairman and managing director, the company said, adding that Cantor will also ...

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.