Stock Market Watch

Gold Prices Edge Lower as Dollar Gains; Silver Prices Also Slip

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Gold price fell on Thursday as dollar strengthened following the release of strong job data. Silver prices also edged lower in trading on Thursday.

At last check, gold futures for December delivery was down 0.70% to $1,326.50 an ounce while spot gold fell 0.71% to $1,323.51 an ounce.

The SPDR Gold Trust (ETF) (NYSE: GLD) edged down 0.75% to $127.83.

The Labor Department said that weekly jobless claims fell by 5,000 last week to a seasonally adjusted 305,000, stoking speculation that consistent improvement in the job market will prompt the interest rates will drift investors away from non-interest bearing assets.

The dollar index also edged up after the job data, making dollar priced commodities more expensive for traders dealing in other currencies.

A disappointing economic report from the euro zone also supported the dollar. Earlier today, the European Central Bank (ECB) said that lending to companies from the currency bloc’s largest economies fell in August.

Meanwhile, the policy logjam in Washington is keeping investors slightly edgy but it has failed burnish gold’s safe-haven appeal.

In a note to investors, analysts at Commerzbank wrote on Thursday, “Market players evidently expect the parties to reach an agreement in good time and do not anticipate the sort of lengthy political wrangling that was seen two years ago.”

Silvery futures edged down 0.55% to $21.77 an ounce.

In late trading, the iShares Silver Trust (ETF) (NYSE: SLV) was         down 0.33% to $20.91, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.54% to $20.10.








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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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