Stock Market Watch

Gold and Silver Prices Lower

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Gold and silver prices are lower in early trading today. Gold is headed for its third straight week of losses as a improving economic outlook in the U.S. has prompted investors to park money in riskier assets.

At last check, spot gold was trading 0.7% lower at $1,646.18 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 1.04% lower at $1,642.30 an ounce.


Lynette Tan, analyst at Philip Futures at Singapore, told Reuters that there is little need for a safe haven at the moment. Tan said that going forward, we could see gold maintain at this level, or even fall to about $1,620 an ounce. Tan thinks gold will be sidelined at the moment compared to the other risk assets.

Meanwhile, Heraeus said in a report that gold still appears to be taking a hit and if it is to escape the downward trend in the short term, it will have to overcome the price resistance at $1,726 an ounce.

Silver prices are also down sharply in trading today. At last check, spot silver was trading 1.23% lower at $32.32 an ounce.

In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is currently up 0.06% to $31.55, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently down 0.02% to $55.27, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently down 0.09% to $10.53.

 

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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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