Gold and Silver Prices Continue to Climb

Gold and silver prices are continuing to climb in mid-day trading. Gold is headed for its biggest one-week rally in a month, driven by a stronger euro. Silver, meanwhile, have surged in mid-day trading.

At last check, spot gold was trading 0.53% higher at $1,728.25 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.84% higher at $1,786.10 an ounce.

Ole Hansen, Vice President at Saxo Bank, told Reuters that there was technical buying yesterday with a lack of follow-through today despite support from weaker dollar. Hansen said that he would not be surprised to find that the market wants to check the conviction of the recent initiated longs here.

RBS strategist Nikos Kavalis, meanwhile, told Reuters that the fact that we have Iran in background is certainly helping through higher oil prices, which are a negative for most other industrial commodities but for gold it is  a positive as it boosts inflation-hedging and boosts its safe-haven attributes.

Gold ETFs are also gaining in trading today. The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 0.41% higher at $173.65, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 1.25% higher at $57.54, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 0.46% higher at $17.42.

Silver prices are also rallying in trading today. At last check, spot silver was trading 3.27% higher at $35.39 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 3.11% higher at $34.48, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 6.23% higher at $67.03, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 6.06% lower at $9.14.

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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.