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

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 2015 the year you get RICH!

Latest Headlines

Moscovici says China market developments will not destabilize European economyMoscovici says China market developments will not destabilize European economy
PARIS (Reuters) - Market developments in China will not destabilize the European economy, European Economic and Monetary Affairs Commissioner Pierre Moscovici said on Tuesday, adding that there was no...
Spain is best example that Europe is doing things right: SchaeubleSpain is best example that Europe is doing things right: Schaeuble
BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble said on Tuesday that Spain`s economic development showed that the euro zone was tackling its crisis well. "Spain is the best example tha...
China manufacturing contracts, Korea exports slump as Asia's woes deepenChina manufacturing contracts, Korea exports slump as Asia's woes deepen
BEIJING/SEOUL (Reuters) - China`s giant manufacturing sector contracted and exports from South Korea tumbled by the most in six years in August, rattling Asian markets on Tuesday and reinforcing exp...
Calpers, Calstrs oppose joint CEO-chairman role at Bank of AmericaCalpers, Calstrs oppose joint CEO-chairman role at Bank of America
(Reuters) - Two of America`s biggest public pension funds have come together to oppose an amendment of bylaws at Bank of America Corp that would allow Brian Moynihan to continue as both chief executiv...
Valeant gets right to develop AstraZeneca's psoriasis drugValeant gets right to develop AstraZeneca's psoriasis drug
(Reuters) - Canada`s Valeant Pharmaceuticals International Inc said it has been granted an exclusive license by AstraZeneca Plc to develop and commercialize its late-stage experimental psoriasis drug ...

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.