Stock Market Watch

Gold and Silver Prices Fall Sharply

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Gold and silver prices fell sharply in trading today as the U.S. dollar strengthened against key currencies. The drop in today’s trading paused gold’s biggest one-week rally since late February.

At last check, spot gold was trading 1.24% lower ay $1,654.20 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange settled 1.45% lower at $1,656.20 an ounce.


Walter de Wet, analyst at Standard Bank, told Reuters that especially in the U.S., the investment climate is very neutral towards gold at this stage. De Wet said that people really need to see a policy catalyst before they come back aggressively. He added that on the physical side, from the end of this month there is really no seasonal demand coming until August and it is going to be difficult to break much higher if we don’t have the physical buying supporting any investment demand coming through for the next two or three months.

Gold ETFs also fell in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was down 1.22% to $160.74, the Market Vectors ETF Trust (NYSE: GDX) was down 1.25% to $47.56, and the iShares Gold Trust (ETF) (NYSE: IAU) was down 1.23% to $16.12.

Silver prices also fell sharply in trading today. At last check, spot silver was down 2.72% to $31.44 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 2.83% lower at $30.56, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 5.52% lower at $51.35, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 5.47% higher at $11.

 

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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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