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

Chinese premier urges 'new growth engines' amid slowing economy: XinhuaChinese premier urges 'new growth engines' amid slowing economy: Xinhua
BEIJING (Reuters) - Chinese Premier Li Keqiang has called for "new growth engines" to counter slowing growth in the world`s second largest economy, Xinhua reported late on Friday. The comments cam...
Visa sees Visa Europe option now costing more than $10 billionVisa sees Visa Europe option now costing more than $10 billion
(Reuters) - Visa Inc <V.N>, the world`s largest credit and debit card company, said it might have to pay more than $10 billion to buy its London-based European licensee, Visa Europe Ltd, if its ...
Bank of America hires U.S. officials for financial crime teamBank of America hires U.S. officials for financial crime team
(Reuters) - Bank of America has hired two U.S. government officials to join its financial crimes team, according to three people familiar with the matter, as banks are under increasing pressure to p...
Lockheed, Pentagon ink $4.7 billion deal for eighth batch of F-35 fightersLockheed, Pentagon ink $4.7 billion deal for eighth batch of F-35 fighters
WASHINGTON (Reuters) - The Pentagon said on Friday it had awarded Lockheed Martin Corp <LMT.N> a contract valued at $4.7 billion for an eighth batch of F-35 fighter jets, marking a drop in cost ...
Lockheed, Pentagon ink $4.7 billion deal for eighth batch of F-35 fightersLockheed, Pentagon ink $4.7 billion deal for eighth batch of F-35 fighters
WASHINGTON (Reuters) - The Pentagon said on Friday it had awarded Lockheed Martin Corp <LMT.N> a contract valued at $4.7 billion for an eighth batch of F-35 fighter jets that lowered the average...

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
small cap swing trades SmallCaps stocks under $10
Index Signals Index Signals SPY, QQQ, DIA, IWM
options trading Mega Stocks options + stock trade signals
Forex Forex Signals major FX pairs signals