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Gold and Silver Prices Edge Higher as Dollar Weakens

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Gold and silver prices have edged higher in trading today as the U.S. dollar weakened against a basket of currencies.

At last check, spot gold was trading 0.06% higher at $1,661.93 an ounce. Spot gold prices are headed for a 6% gain in the first quarter, which ends today.


Peter Fertig, a consultant at Quantitative Commodity Research, told Reuters that all in all gold is still holding fairly well because the U.S. dollar weakened, which gave gold some support. Fertig said that gold had a very good start and run-up until the end of February and it is now consolidating part of the gains in March. He expects gold to consolidate further in the coming weeks.

Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently trading 0.81% higher at $1,668.30 an ounce.

Earlier today, HSBC said in a research note that in the near term, gold prices may be influenced by the effectiveness of the euro zone’s plan to bolster their bailout fund and if the investors deem the plan as sufficient in reducing near-term euro zone liquidity issues, risk assets include gold may benefit.

Silver prices are gaining in early trading. At last check, spot silver was trading 0.56% higher. The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.19% higher at $31.42, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.48% higher at $54.64, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.47% lower at $10.54.

 

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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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