Stock Market Watch

Gold and Silver Prices Higher as Euro Strengthens

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Gold and silver prices have risen sharply today as the euro strengthened against the U.S. dollar amid growing confidence that Greece will receive additional bailout funds from its European partners and avert a default.

The euro climbed to a three-week high against the dollar on optimism over Greece.


At last check, spot gold was trading 0.31% higher at $1,733.31 an ounce. Spot gold is headed for a 0.7% gain this week.

Tom Kendall, analyst at Credit Suisse, told Reuters that the fact that we have had some more reassuring and positive data out of the U.S. coupled with a declining market expectation of quantitative easing any time soon is probably contributing to the fact that gold is unable to break higher.

Kendall also said that there is enough risk around European side of things to keep gold supported above $1,700, but we are whipping back and forth on whatever the mood seems to be surrounding Greece.

Commerzbank, meanwhile, said in a research note today that gold is also likely to remain strongly affected by macro-level factors, and will probably continue to follow its atypical behavioral pattern in the short term.

Silver prices are also higher in trading currently. At last check, spot silver was trading 0.36% higher at $33.58 an ounce.

In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is up 0.28% to $32.66, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is up 0.57% to $60.17, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is down 0.58% to $10.22.

 

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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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