Stock Market Watch

Gold and Silver Prices Continue to Slide

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Gold and silver prices have fallen sharply in trading today as the U.S. dollar continues to gain strength against the euro. The dollar rose against the euro following some weaker than expected euro zone economic data.

The dollar is also gaining as the appetite for risk assets waned after China slashed its GDP growth target for the first time in eight years.


At last check, spot gold was trading 0.52% lower at $1,702.84 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.61% lower at $1,699.30 an ounce.

Gold had fallen 3.9% last week. Although the precious metal’s fundamental drivers remain intact, it could slip further in the next few days.

Earlier today, UBS said in a research note that factors like the explosion in the balance sheets of developed world central banks and large exports of gold from Hong Kong into China in the fourth quarter have been regularly cited as reasons to view gold favorably this year. UBS said that yet the macro community appears to be engaged in a waiting game, with no one willing to take the first step and thus it seems the best thing gold can do right now is consolidate in the low $1,700s and inspire some confidence that a floor is nearby.

Silver prices are also down sharply in trading currently. At last check, spot silver was trading 2.21% lower at $33.68 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 2.87% lower at $32.80, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 5.73% lower at $59.92, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 5.81% higher at $9.83.

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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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