Gold Prices Settle Lower; Silver Prices also Slip
Gold prices settled lower in trading on Monday as investors remained on the sidelines ahead of Federal Reserve’s monetary policy meeting later this week. Silver prices also slipped on Monday.
Gold has had a great run, posting gains for three weeks in a row. The recent rally has pushed the precious metal near a six-month high. Gold has been gaining on hopes of another round of quantitative easing from the Federal Reserve.
The Fed will begin its two-day monetary policy meeting later this week. Following the weaker than expected nonfarm payrolls data released last Friday, investors are hoping that the Fed will implement further monetary easing measures at this week’s meeting.
Spot gold fell 0.4% to $1,728.97 an ounce on Monday. Last week, spot gold prices gained 2.7%.
Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange fell $8.70 to settle at $1,731.80 an ounce on Monday.
Silver prices also slipped on Monday. At last check, spot silver was down 0.3% to $33.56 an ounce.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 1.10%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 2.16%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 2.38% higher.
Platinum and palladium rose sharply on Monday. At last check, spot platinum was trading 0.7% higher at $1,593.10 an ounce, while spot palladium was trading 2.7% higher at $666.50 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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