Gold Prices Flat; Silver Prices Slip
Gold prices were flat in trading on Monday as investors remained on the sidelines amid ongoing worries over the looming fiscal cliff. Silver prices, meanwhile, edged lower on Monday.
At last check on Monday, spot gold prices were up $1.19 to $1,658.71 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange settled $0.60 lower at $1,659.50 an ounce.
Speaking to Reuters, Peter Fertig, analyst at Quantitative Commodity Research, said that the weaker dollar and steady stock markets are giving support to gold. Fertig said that gold has key support around last week’s low of $1,635 an ounce, with resistance around $1,675 an ounce, near the lows touched in early November.
Fertig noted that bullion investors were focused on stalled talks in the U.S. to avert the fiscal cliff. Fertig, however, believes that the fiscal cliff will be avoided at the last minute. He added that if the fiscal cliff is avoided then it should be positive for risk assets including gold.
Silver prices fell on Monday. At last check, spot silver was down 0.4% to $29.88 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 0.21% lower at $28.94, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 0.56% lower at $42.87, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 0.62% higher at $51.67.
Platinum also slipped on Monday. At last check, spot platinum was down 0.4% to $1,533.18 an ounce. Palladium gained 0.8% to $685.70 an ounce on Monday.
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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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