Stock Market Watch

Gold and Silver Prices Continue to Rise

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Gold and silver prices have continued to rise in trading today. Gold is headed for its best weekly performance since early December.

At last check, spot gold was trading 0.19% higher at $1,723.39 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange are down $1.90 to $1,724.80 an ounce.


Spot gold prices have risen 10% in January, following sharp losses in December. The precious metal touched a 6 ½ week high on Thursday as investors cheered Federal Reserve’s pledge to keep interest rates low until late 2014.

Pradeep Unni, Senior Analyst at Richcomm Global Services, told Reuters that after the Fed chairman’s vow to keep the rates low until late 2014, strong buying interest was visible. Unni said that anxious investors have joined the fray of speculators who are now increasingly concerned by currency depreciation, as global central banks use easy monetary policies to flood markets with cash.

Meanwhile, UBS said in a research note today that the market attitude towards gold for most of January could be summed up in two words, cautious optimism. UBS said that investors were reluctant to add to positions aggressively as memories of the disappointment in fourth-quarter lingered.

In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is down 0.15% to $167.02, the Market Vectors ETF Trust (NYSE: GDX) is down 0.16% to $55.67, and the iShares Gold Trust (ETF) (NYSE: IAU) is flat at $16.77.

Silver prices are also gaining in early trading. At last check, spot silver was trading 0.8% higher at $33.66 an ounce.

In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) is down 0.03% to $32.42, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is flat at $59.60, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is up 0.19% to $10.48.

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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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