Gold Prices Settle Higher; Silver Prices also Gain
Gold prices settled higher on Friday, ending the week on a solid note. Silver prices also edged higher in trading on Friday.
Gold received a boost earlier in the week, following the re-election of Barack Obama as President, who has backed Federal Reserve’s accommodative monetary policy. However, since the elections on Tuesday investors have turned their focus on the looming “fiscal cliff”. Concerns over the fiscal cliff sparked a huge sell-off in riskier assets earlier in the week.
Gold, which is generally seen as a safe-haven asset, could benefit due to worries over the fiscal cliff. On Friday, spot gold gained $5 to $1,730.90 an ounce. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled 0.30% higher at $1,731 an ounce.
Gold’s gains were limited on Friday because of a stronger U.S. dollar. The dollar rose to a two-month high against the euro on Friday.
In a research note, Standard Bank today said that in spite of dollar strength, the market appears to continue to take comfort from Obama’s re-election and the implied support this gives to continued monetary accommodation from the Fed.
Silver also rose on Friday. At last check, spot silver was trading 0.87% higher at $33 an ounce.
In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.73%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.28%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.28%.
Platinum also edged higher on Friday. At last check, spot platinum was trading 0.70% higher at $1,552 an ounce. Spot palladium, meanwhile, fell 1% to $605 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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