Gold and Silver Prices in Green

Gold and silver prices are higher in early trading as the euro strengthened against the U.S. dollar. Gold is heading for its biggest one-week rally in a month.

At last check, spot gold was trading 0.16% higher at $1,778.66 an ounce. Prices rose as much as $20 an ounce on Wednesday.

Nikos Kavalis, a strategist at RBS, told Reuters that generally speaking, the vibe in the gold market is certainly upbeat. Kavalis noted that there has not been that much gold-specific news flow but the fact that there is Iran in the background is certainly helping through higher oil prices, which are a negative for most other industrial commodities, but for gold it is positive as it boosts inflation-hedging and boost its safe-haven attributes.

Gold futures for April delivery, the most active contract on the Comex, are headed for a gain of more than 3% for the week.

In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is up 0.29% to $173.44, the Market Vectors ETF Trust (NYSE: GDX) is up 0.76% to $57.26, and the iShares Gold Trust (ETF) (NYSE: IAU) is up 0.17% to $17.37.

Silver prices are also higher in early trading. At last check, spot silver was trading 1.2% higher at $34.68 an ounce.

In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) is up 1.44% to $33.92, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is up 3% to $64.99, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is down 2.57% to $9.48.

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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.