Stock Market Watch

Gold Prices Edge Higher; Silver Prices in Red

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Gold prices have edged higher in trading today, driven by a strong euro. The single currency is rising on hopes that Greece is moving closer to a bailout deal. Gold has also been lifted by Chinese inflation data. Meanwhile, silver prices have edged lower in trading today.

Ronald Leung, a physical dealer at Lee Cheong Gold Dealers in Hong Kong, told Reuters that Greece seems to be closer to a concrete deal, which weighs on the dollar and helps gold.


Gold has also been boosted by stronger than expected inflation reading in China as the precious metal is seen as a good hedge against inflation.

At last check, spot gold was trading 0.71% higher at $1,745.64 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are up 0.46% to $1,739.20 an ounce.

Hou Xinqiang, analyst at Jinrui Futures in the southern city of Shenzhen, told Reuters that gold is likely to remain in a sideways mode for a while between $1,700 an ounce and $1,800 an ounce, unless there is any big surprise that could indicate a clear direction.

Silver prices have edged lower in trading today. At last check, spot silver was down 0.2% to $33.90 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.82% higher at $33.31, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 1.52% higher at $62.65.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 1.79% lower at $9.85.

 

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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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