Gold Prices Slip as Euro Pares Gains; Silver Prices Remain in Green

Gold prices slipped in mid-day trading as the euro pared its gains against the U.S. dollar. Silver prices, meanwhile, have remained in green in mid-day trading.

The euro had risen sharply against the U.S. dollar earlier today after reports that the International Monetary Fund (IMF) is planning to boost its lending resources.

At last check, spot gold was trading 0.3% lower at $1,645.84 an ounce. Earlier in the day, spot gold rose to a high of $1,659.21 an ounce. Gold futures on the Comex division of the New York Mercantile Exchange are currently trading $8 lower at $1,647.60 an ounce.

Nic Brown, analyst at Natixis, told Reuters that if you can move towards a long-term solution in Europe than that is negative for gold.  Brown also said that you have to look at how much money Europeans have invested in gold and if you had some kind of resolution that gave more confidence in the currency to what extent those net inflows would turn into net outflows.

Gold ETFs are higher in mid-day trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 0.50% higher at $161.30, the Market Vectors ETF Trust (NYSE: GDX) was trading 0.58% higher at $53.48, and the iShares Gold Trust (ETF) (NYSE: IAU) was trading 0.56% higher at $16.18.

Silver is holding on to its gains in mid-day trading. At last check, spot silver was trading 0.8% higher at $30.28 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.52% higher at $29.65, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 3.23% higher at $50.23.

The ProShares UltraSort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 2.94% lower at $12.88.

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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.