Gold Prices Edge Higher; Silver Prices also Gain
Gold prices edged higher on Friday following news that Russian central bank boosted its gold reserve in June. However, gains were limited as equities and commodities fell sharply amid renewed worries over the euro zone debt crisis. Silver prices also edged higher on Friday.
Gold slipped in early trading on Friday as the euro weakened against the U.S. dollar. The euro slipped as worries over the euro zone debt crisis resurfaced after Spain’s Valencia region said that it would ask central government for help to repay its debts.
But, the precious metals bounced back after Russia’s central bank disclosed that it raised its gold reserves by 6.2 tons to 836.3 tons last month. Central banks have been among the major buyers of gold in the last one year.
Spot gold rose 0.2% to $1,584 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange settled $2.40 higher at $1,582.80 an ounce.
Silver prices also edged higher on Friday. At last check, spot silver was up 0.5% to $27 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.34%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.56%, and the ProShares UltraShort Silver (ETF) (NYSE:ZSL) was down 0.63%.
In other precious metals, platinum and palladium slipped on Friday. At last check, spot platinum was down 0.5% to $1,414 an ounce, while spot palladium was down 1.5% to $575 an ounce.
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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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