Stock Market Watch

Gold and Silver Rise after Successful Spanish Bond Auction

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Gold and silver prices are gaining in trading today, following a successful Spanish bond auction. Gold has also gained on solid demand from China and India, the two biggest consumers of gold in the world.

At last check, spot gold was trading 0.81% higher at 1,654.09 an ounce. Earlier in the day, spot gold rose to a one-month high of $1,657.60 an ounce. Gold futures for delivery in February are currently trading $15.60 higher at $1,655.20 an ounce.


Gold, this week, crossed its 200-day moving average, which has lifted sentiments. Prices had fallen below the 200-day moving average in mid-December, which was seen by many technical analysts as a bearish signal. However, the quick recovery has once again boosted demand for the precious metal.

Gold is also benefiting from robust demand in China. Demand for precious metal in India also rose, according to dealers in Mumbai. Harshad Ajmera, proprietor of JJ Gold House in Kolkata, told Reuters that demand has been good since last week as prices are down due to a stronger rupee. Ajmera said that jewelers are comfortable at this rate.

In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is currently up 0.81% to $160.96, the Market Vectors ETF Trust (NYSE: GDX) is currently up 0.70% to $54.65, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently up 0.81% to $16.14.

Silver prices are also gaining in early trading today. At last check, spot silver was up 1.4% to $30.34 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently up 1.37% to $29.54 in pre-market trading, while the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently up 2.59% to $49.91 in pre-market trading.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently down 2.76% to $13.04 in pre-market trading.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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