Gold Prices Edge Lower; Silver Prices Gain
Gold prices edged lower in trading on Wednesday, extending its losses from the previous trading session even as the Federal Reserve reiterated that it will continue with easy monetary policy. Silver prices, meanwhile, edged higher on Wednesday.
Gold fell sharply in Tuesday’s trading session as rising worries over the global economy led to a sell-off in risk assets. On Wednesday, the precious metal rebounded after latest economic data out of China showed signs of a recovery. However, gold failed to hold on to its gains.
The Federal Reserve released its latest monetary policy statement on Wednesday. The central bank said that it will continue with its easy monetary policy to boost economic growth. Gold had rallied in September after the Federal Reserve announced it’s a third round of quantitative easing at the end of the previous FOMC meeting. The precious metal hit a 2012 high earlier this month, however, since then it has pared most of the gains made after the Fed’s announcement last month.
On Wednesday, spot gold fell 0.3% to $1,702.6 an ounce. Spot gold prices hit a low of $1,698.70 an ounce earlier today, the lowest level since September 7. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange fell $8 to settle at $1,701.2 an ounce.
In other precious metals, silver prices edged higher on Wednesday. At last check, spot silver was trading 0.2% higher at $32 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.29%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.72%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.82%.
Platinum fell on Wednesday. At last check, spot platinum was trading 0.5% lower at $1,560 an ounce. Palladium, meanwhile, edged higher on Wednesday. At last check, spot palladium was up 0.7% to $592 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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