Gold and Silver Prices in Green
Gold prices are marginally higher in trading today as investors remain cautious ahead of the crucial Greek election on Sunday. Meanwhile, silver prices are also gaining in trading today.
The Greek election has kept investors on the edge throughout the week. Although no Greek political party has called for euro exit, the SYRIZA party has said that it will renegotiate the terms of the bailout with its creditors. Renegotiations on the existing bailout terms could create significant uncertainty and could eventually lead to a Greek default and exit from the euro zone.
At last check, spot gold prices were trading 0.1% higher at $1,623.50 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange are currently trading 0.3% higher at $1,624.50 an ounce.
Speaking to Reuters, Andrey Kryuchenkov, analyst at VTB Capital, said that not many will dare take on fresh longs ahead of the weekend given gold’s peculiar behavior recently, when it swings back and forth with or against risk sentiment. Kryuchenkov said that gold should stall near this week’s high below $1,630 an ounce, with all attention on Greece, and then the G20 summit next week.
Gold prices are headed for a gain of 2% this week amid renewed hopes of further monetary easing from the Federal Reserve following some weak economic data released during the week.
In a research note, HSBC today said that next big event in the gold world is likely to be the Greek election and the precious metal may be caught between the election and U.S. monetary expectations.
In other precious metals, silver is gaining in trading today. At last check, spot silver was trading 0.2% higher at $28.66 an ounce.
In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.29%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.36%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.24%.
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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.
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