Stock Market Watch

Gold and Silver Prices Edge Lower on Greek Worries

by ·


Gold and silver prices have edged lower in trading today on worries about Greece. Gold and silver are tracking a weaker euro.

Commenting on the Greek debt crisis, Jeremy Friesen, Commodity Strategist at Societe Generale in Hong Kong, told Reuters that things will get resolved, but it is going to be a slow process and it will continue to be frustrating for investors.


Amid the uncertainty, gold is likely to remain under pressure. At last check, spot gold was trading 1.12% lower at $1,708.05 an ounce. Gold futures for delivery on the Comex division of the New York Mercantile Exchange are down 1.03% to $1,710.30 an ounce.

Wang Tau, market analyst for Reuters, today said that technical signals remained bearish for gold in the near term and spot gold could fall toward $1,701 an ounce during the day.

In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is down 1.11% to $166.22, the Market Vectors ETF Trust (NYSE: GDX) is down 1.42% to $52.80, and the iShares Gold Trust (ETF) (NYSE: IAU) is down 1.07% to $16.89.

Silver prices are also down sharply today. At last check, spot silver was down 1.98% to $32.71 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is down 1.63% to $31.92 in pre-market trading, while the ProShares Ultra Silver (ETF) (NYSE: AGQ) is down 3.24% to $57.46 in pre-market trading.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is up 3.08% to $10.80 in pre-market trading in New York.

 

 

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...