Stock Market Watch

Gold and Silver Prices in Red Ahead of Jobs Data

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Gold and silver prices are down following two straight days of gains as investors await the release of crucial nonfarm payrolls data for the month of February. Gold and silver are down as the euro weakened against the U.S. dollar. The single currency slipped after Greece completed a crucial debt swap deal with private creditors.

At last check, spot gold was trading 0.94% lower at $1,683.40 an ounce.


David Wilson, analyst at Citigroup, told Reuters today that if we still have the problems in the euro area, and therefore a stronger dollar, it is difficult to see what would make gold push higher, which seems odd because you want to be buying gold if Europe is still a big risk and the U.S. is not. But that is how gold has been trading, said Wilson.

Wilson further said that the current status quo is that we have seen some buying on the lower numbers, but it is difficult to see rebounding significantly.

Silver prices are also retreating after two days of gains. At last check, spot silver was trading 1% lower at $33.51 an ounce. The gold/silver ratio, which is the number of ounces of silver needed to buy one ounce of gold, is at 50, unchanged from the start of the week.

In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is currently down 1.58% to $32.32, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently down 3.52% to $57.90, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently up 3.80% to $10.10.

 

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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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