Stock Market Watch

Gold and Silver Prices in Red

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Gold prices have slipped in trading today as investors take a pause after Friday’s huge rally. Gold posted its biggest one-day gain in more than three years on Friday following weaker than expected U.S. nonfarm payrolls data. Silver prices have also edged lower in trading today.

Gold prices rose 4.3% on Friday as investors speculated that the weak jobs report will prompt the U.S. Federal Reserve to implement another round of quantitative easing, which would weaken the U.S. dollar. According to Pradeep Unni, Senior analyst at Richcomm Global Services in Dubai, Friday’s data has pushed the focus straight back to the Fed and talk of a possible QE3 is increasing now.


Speaking to Reuters, Unni said that gold is likely to hold above $1,600 an ounce in the near term, and any further fresh surprises on the economic front either from the U.S. or the European Union are only likely add to pace of gains.

At last check, spot gold was trading 0.7% lower at $1,614.24 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange are currently trading 0.38% lower at $1,616 an ounce.

The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 0.44% lower at $156.80, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 1.33% lower at $46.04, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 0.51% lower at $15.73.

Silver prices are also lower in trading today. At last check, spot silver was trading 1.78% lower at $28.13 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.09% lower at $27.32, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 2.17% lower at $40.53, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 2.72% higher at $66.87.








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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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