Gold Prices Settle Lower; Silver Prices also Slip
Gold prices settled lower in trading on Thursday as the European Central Bank (ECB) disappointed investors by not announcing any immediate action to stem the euro zone debt crisis. Silver prices also edged lower on Thursday.
Investors were hoping for some bolder action from the ECB to contain the debt crisis after the central bank’s President, Mario Draghi last week pledged that he would do whatever necessary to protect the euro zone. However, Draghi, did not announce any immediate measures.
Ole Hansen, Senior Vice President at Saxo Bank, told Reuters that Draghi came and failed to deliver. Hansen said that it shows how fragile the situation currently is that people look more towards the central bank for support then their governments.
Spot gold fell 0.8% to $1,585.50 an ounce on Thursday. Meanwhile, gold futures on the Comex division of the New York Mercantile Exchange settled $16.60 lower at $1,590.70 an ounce.
In a research note, Marex Spectron said that once again, we have strong words but no action and the European leadership have continually confused saying with doing.
Silver prices also fell sharply on Thursday. At last check, spot silver was trading 0.9% lower at $27.14 an ounce.
In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.83%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.47%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.60%.
In other precious metals, platinum and palladium also fell on Thursday. At last check, spot platinum was trading 1.5% lower at $1,388.25 an ounce, and spot palladium was trading 2.8% lower at $570.25 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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