Stock Market Watch

Gold Prices Ease Slightly, Silver Prices Slip As Well

by ·


In spite of broadly weaker U.S. dollar, gold prices remained almost flat during Asian trading hours on Monday after jumping nearly 2% on Friday; however, the metal can test $1,400 an ounce level in coming days even as opinion remains divided on whether the Silver prices have also edged lower in early trading on Monday.

At last check, gold futures for December delivery were mainly flat at $1,386.40 an ounce while spot gold eased 0.30% to $1,386.66 an ounce.

Earlier on Friday, bullion and silver prices staged a strong comeback after the Labor Department’s monthly non-farm payrolls report showed that employers added less-than-expected jobs in August.

Besides, June and July’s net payroll additions were downwardly revised by combined 74,000. The data fuelled speculation that the Fed might wait a bit longer before it decides to pull the plug on quantitative easing (QE).

“This confusion (diverging views on QE tapering) will likely prevent gold from weakening substantially over the course of this week, but we suspect that the selling should intensify after the Fed meeting is out of the way and assuming we do indeed get a modest amount of tapering,” said Edward Meir, an analyst at INTL FC Stone, according to Reuters.

However, improving physical side demand from Asia could push up the metal prices.

“We still see that gold should probably test $1, 400,” said Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore, according to Reuters. Lan said that order inquiries were being reported from India.

The dollar index was last 82.11, down 0.05% from its previous close.

Silver futures edged down 0.61% to $23.75 an ounce.

In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was up 2.64% to $22.97, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 5.19% to $24.53.

 

 








More Posts by this author

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.

Tags:

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.

You may also like...