Gold Prices Edge Lower; Silver Prices also Slip
Gold prices slipped for a second straight trading session on Tuesday as the U.S. dollar strengthened. The precious metal also came under pressure from a Greek debt deal and strong U.S. economic data. Silver prices also edged lower in trading on Tuesday.
Spot gold fell 0.2% to $1,745.06 an ounce on Tuesday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled 0.4% lower at $1,742.30 an ounce.
Gold slipped after euro zone finance ministers and the International Monetary Fund (IMF) reached an agreement on reducing Greece’s debt. The agreement paved the way for the release of next tranche of bailout funds for the debt-laden country.
The precious metal tracked losses in the equity market, which slipped following comments from Senate Majority Leader Harry Reid on the fiscal cliff issue.
In a research note, James Steel, metal analyst at HSBC, said that he believes gold and silver prices will tend towards consolidation as investors await further developments on the U.S. fiscal cliff negotiations.
Silver prices were down 0.2% to $34.05 an ounce, at last check on Tuesday.
In late trading on Tuesday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.27% to $32.92, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.62% to $55.84, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 0.60% to $40.43.
Platinum and palladium, meanwhile, edged higher on Tuesday. At last check, spot platinum was trading 0.1% higher at $1,610.50 an ounce, while spot palladium was trading 0.8% higher at $666.75 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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