Gold and Silver Prices Hold on to Gains

Gold prices are holding on to their gains even as investors remain cautious ahead of crucial Greek election on Sunday. Silver prices are also in green in mid-day trading.

At last check, spot gold was trading 0.24% higher at $1,626.20 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange were trading $8.50 higher at $1,628.10 an ounce.

The latest set of economic data in the U.S. has raised the possibility of another round of quantitative easing from the Federal Reserves. Renewed hopes of further monetary easing pushed gold prices nearly 2% higher this week.

Earlier today, HSBC said in a research note that the next big event in the gold world is likely to be the Greek election and that gold may be caught between the election and U.S. monetary expectations.

From a technical perspective, gold could face resistance at $1,641 an ounce. Barclays Capital said in a note today that if the precious metal breaks through $1,641 mark, it opens its $1,700 target.

In other precious metals, silver prices are also higher in trading today. At last check, spot silver was trading 0.24% higher at $28.66 an ounce. The gold/silver ratio has climbed back towards its 2012 high.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.18% lower at $27.77, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.43% lower at $41.57, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.36% higher at $63.36.

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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.