Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Up; Silver Prices Edge Lower

Friday, November 30, 2012 8:55 AM
Gold prices inched up during Asian trading hours on Friday nevertheless the metal is well on course to post its worst weekly performance in last one month as investors remain directionless amid policy stalemate surrounding the U.S. fiscal crisis issue and some contradictory remarks from Washington. Silver prices meanwhile, edged lower in early trading on Friday. At around 6:30 a.m. EST, U.S. gold futures inched up 0.14% to $1,732.0 an ounce while spot gold gained 0.2% to trade near $1,718 an ounce. Although gold prices tend to gain during the period of uncertainty, a firmer dollar—which makes dollar dominated commodities, including gold expensive for traders dealing in other currencies than greenback and conflicting statements from Washington with regard to  the progress made by lawmakers on the issue  of fiscal crisis, is weighing on the sentiment. Unlike last year, when investors rushed to buy safe haven assets such as gold in the backdrop of deteriorating euro zone debt crisis and uncertainty surrounding the U.S. economy, sending gold prices at its historical high level of $1,920 in September, this year investors are rather seeking safety in U.S. dollars, which in turned has pushed up the dollar against all major traded currencies, hurting the demand for gold. Contradictory statements from lawmakers are not supporting gold prices either. Earlier on Wednesday, Republican lawmaker John Boehner said he was “hopeful” that both sides will succeed in averting U.S. economy slipping towards ‘fiscal cliff’, but on Thursday he said no substantial progress was made. “On the macro side, the market sees very little direction, while the 'fiscal cliff' talk poses much uncertainty and risk,” said Chen Min, an analyst at Shenzhen, China based firm Jinrui Futures while speaking to Thomson Reuters. Meanwhile, holdings of SPDR Gold Trust (ETF) (NYSE: GLD) continued to rise for fourth successive month in November. So far this year holdings are up 11 tons from last year. As of Wednesday, holdings stood at record high levels of 1,347.018 tons. Silver slipped 0.21% to trade near $32.27 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.09%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.62%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 0.03%.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2016 the year you get RICH!

Latest Headlines

Bangladeshi probe panel's chief says SWIFT responsible for cyber theftBangladeshi probe panel's chief says SWIFT responsible for cyber theft
DHAKA (Reuters) - A Bangladesh government-appointed panel investigating the theft of $81 million from the country`s central bank has found that SWIFT, the international banking payments network, commi...
Vietnam's TPBank says thwarted cyber hacking attempt late last year Vietnam's TPBank says thwarted cyber hacking attempt late last year
HANOI (Reuters) - Vietnam`s Tien Phong Bank (TPBank) said on Sunday it had thwarted a hacking attempt in the final quarter of last year and avoided the loss of more than 1 million euros ($1.13 million...
Vietnam bank says interrupted cyber heist using SWIFT messaging Vietnam bank says interrupted cyber heist using SWIFT messaging
HANOI/BOSTON (Reuters) - Vietnam`s Tien Phong Bank said that it interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February`s m...
EU member states agree roaming for NetflixEU member states agree roaming for Netflix
BRUSSELS (Reuters) - Consumers will be able to access their online subscriptions for services like Netflix , Sky and Canal+ when they travel across the European Union under proposals tentatively agree...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More