Stock Market Watch

Gold Prices Edge Lower, Silver Prices Gain

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Gold prices continued to slide during Asian trading hours on Thursday as the Silver prices, meanwhile, edged higher in trading on Thursday.

At last check, gold futures for December delivery edged down 0.28% to $1,366.30 an ounce while spot gold added 0.11% to $1,367.27 an ounce.

The Fed released minutes from the July 30-31 open market committee meeting (FOMC) on Wednesday. Although some policymakers were convinced that the Fed should soon start winding down the pace of economic stimulating measures, several other officials wanted some more time. However, to everyone’s disappointment, the minutes failed to offer any hint on when exactly the Fed could start pullback of quantitative easing,

Before the release of the minutes, expectations were widespread that the Fed could start the tapering process by September.

Amid ambiguity( the Fed has neither shown dovish or hawkish stance) bullion investors remained mainly in sidelines on Thursday even as the U.S. dollar rose against major traded currencies.

“I don’t think the Fed minutes gave away too much,” said Victor Thianpiriya, an analyst at ANZ in Singapore, according to Reuters,

“Not too much has changed (uncertainty over bond purchase program). But the reaction in Treasury yields and the dollar is impacting gold,” added Thianpiriya.

According to Reuters, traders said that gold prices could fall further if they dip below $1,355 an ounce level.

Silver futures gained 0.22% to $23.06 an ounce.

In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.45%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.39%.

 








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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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