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 2015 the year you get RICH!

Latest Headlines

Oil prices edge up on firm Asian, U.S. demandOil prices edge up on firm Asian, U.S. demand
SINGAPORE (Reuters) - Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the U.S. driving season. Front-month Brent crude prices were up 6 cents at $65.43 per b...
Dollar hovers at two-month high vs yen after CPI boostDollar hovers at two-month high vs yen after CPI boost
TOKYO (Reuters) - The dollar hovered at a two-month high versus the yen and stood firm against other peers after surging on a higher-than-expected U.S. core consumer price index that supported the F...
Asian shares edge down on U.S. rate hike betsAsian shares edge down on U.S. rate hike bets
TOKYO (Reuters) - Asian shares got off to a lackluster start on Monday, after rising inflation and a hawkish tone from the U.S. Federal Reserve Chair rekindled expectations that the Fed is on track ...
Senator Warren calls for public hearings on bank waivers: FTSenator Warren calls for public hearings on bank waivers: FT
NEW YORK (Reuters) - U.S. Senator Elizabeth Warren is calling for U.S. Department of Labor hearings on whether banks accused of rigging foreign exchange markets should be allowed to manage retirement ...
Loan recovery eludes India's banks, even as growth rate beats ChinaLoan recovery eludes India's banks, even as growth rate beats China
MUMBAI (Reuters) - A recovery in India`s credit growth could elude the country`s banks until early 2016, despite an economy that in the first three months of this year is expected to have outpaced C...

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!