Stock Market Watch

Gold Prices Ease but on Track for Weekly Gain; Silver Prices also Down

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Gold prices eased in trading on Friday as investors remain cautious ahead of Federal Reserve’s FOMC next week. However, the precious metal remains on track for a third straight weekly gain. Silver prices, meanwhile, have also edged lower in trading on Friday.

Gold prices have eased today even as the dollar weakened against major rivals. Bullion investors are now focused on next week’s FOMC. Gold prices have recovered over the last three weeks, gaining nearly 9%, as concerns over the Federal Reserve’s bond purchase program eased. Investors will be looking for further hints in monetary policy statement next week on when the Fed plans to start easing its bond buying program.

Speaking to Reuters, Matthew Turner, analyst at Macquarie, said that he doesn’t really see how gold can go much higher. Turner said that after all the shenanigans of the last few weeks, we know that tapering at some point is clearly still the policy.

At last check, spot gold prices were trading 0.7% lower at $1,324 an ounce.

Silver prices have also eased in trading on Friday. At last check, silver prices were down $1.3% to nearly $20 an ounce.

In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 1.03%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 2%.

Platinum and palladium have also edged lower on Friday. At last check, spot platinum was down 1.5% and spot palladium was down 0.9%.








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edliston
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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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.

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