Gold Prices Settle Higher; Silver Prices Slip
Gold prices settled higher in trading on Friday as investors continued to cheer Silver prices, meanwhile, slipped on Friday after posting huge gains in the previous trading session.
On Thursday, the Fed announced an aggressive bond buying program to stimulate the economy. The Fed said that it would purchase $40 billion of mortgage-backed debt every month until there is a significant improvement in the economy. Gold prices surged following the Fed’s announcement.
The precious metal extended its gains on Thursday, with spot gold prices gaining 0.4% to $1,773.26 an ounce. Spot gold prices touched an intra-day high of $1,777.51 an ounce, the highest level since February 29. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $3.70 higher at $1,775.80 an ounce.
Speaking to Reuters, Adam Sarhan, CEO of Sarhan Capital, said that when multiple major central banks are coordinating their effort in printing more money and engaging in stimulus measures, that has to be overly bullish for gold.
Silver prices slipped on Friday after rallying in the previous trading session. At last check, spot silver was down 0.3% to $34.55 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 0.03% lower at $33.60, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day flat at $59.16, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was trading 0.07% lower at $40.04.
Platinum and palladium rose on Friday. At last check, spot platinum was trading 1.9% higher at $1,708.25 an ounce, while spot palladium was trading 2.1% higher at $698.22 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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