Stock Market Watch

Gold Prices Marginally Higher; Silver Prices in Red

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Gold prices are marginally higher in mid-day trading, driven by a stronger euro. However, the momentum has been weak as investors remain cautious ahead of the U.S. monetary policy meeting. Silver prices, meanwhile, have edged lower in trading today.

At last check, spot gold prices were trading 0.1% higher at $1,642.90 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently trading 0.1% higher at $1,643.10 an ounce.


Peter Fertig, consultant at Quantitative Commodity Research, told Reuters that conflicting statements from the European Central Bank (ECB) council members which are fuelling speculation against some southern European countries and the rumors we had yesterday that France would be downgraded, are all weighing on risky assets. Fertig said that gold is traded as a risky asset, not a safe haven. He added that the safe havens are U.S. Treasuries and German bonds.

Meanwhile, UBS said in a research note that appetite from India has fallen off from the strong level we took note of earlier in the week, keeping with the trend of strong days being followed shortly by a series of ordinary days.

Silver prices have edged lower in trading today. At last check, spot silver was down 0.16% to $31.67 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently down 0.13% to $30.76, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently down 0.33% to $52, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is up 0.19% to $10.83.

 

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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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