Stock Market Watch

Gold and Silver Prices Edge Lower

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Gold and silver prices have edged lower in trading today. Gold prices are down after four straight days of gains. The precious metal has benefited in the last few days due to expectations of more quantitative easing from the Federal Reserve and renewed worries about the euro zone.

At last check, spot gold was trading 0.1% lower at $1,658.11 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently trading 0.07% lower at $1,659.50 an ounce.


Suki Cooper, analyst at Barclays Capital, told Reuters that the broader macro environment still remains positive and in the near term, the floor will be set by a combination of how strong investment demand is and how responsive the physical market is. Cooper further said that gold has found more support recently, but it doesn’t have all of the catalysts in place to be driven substantially higher yet.

Meanwhile, Walter de Wet, analyst at Standard Bank, told Reuters that gold will be in a range of $1,600 an ounce to around $1,690 an ounce or $1,700 an ounce, which is a fairly wide range. But de Wet thinks it will be difficult for gold to break out of that range.

Silver prices have also edged lower in trading today. At last check, spot silver was trading 0.79% lower at $31.53 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.55% lower at $30.64, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 1.11% lower at $51.74, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 1.28% higher at $11.04.

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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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