Stock Market Watch

Gold Prices in Green as Euro Strengthens; Silver Prices Marginally Lower

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Gold prices have edged higher in trading today as the euro strengthened against the U.S. dollar after Greece reached a deal with its European partners and the International Monetary Fund to secure next round of bailout funds and avoid a messy default. Silver prices, meanwhile, are marginally lower in trading currently.

Bayram Dincer, analyst at LGT Capital Management, told Reuters that the euro-dollar is now gaining because of positive news for the euro and gold priced in dollars is piggy-backing on this. Dincer said that this is a first round effect but the higher-order response from a risk perspective is that now, with the containment of an uncontrolled default, we are now on track with Greek debt management and that should not result in a gold price rally.


At last check, spot gold was trading 0.19% higher at 1,736.66 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.96% higher at 1,747.90 an ounce.

The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 0.20% higher at $168.84, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 0.16% higher at $55.63, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 0.18% higher at $16.93.

Silver prices, which edged higher earlier in the day, are currently in red. At last check, spot silver was trading 0.06% lower at $33.94 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.21% lower at $32.97, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.47% lower at $61.42, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.20% higher at $10.05.

 

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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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