Stock Market Watch

Gold and Silver Prices in Red in Mid-Day Trading

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Gold and silver prices are in red in mid-day trading. Gold and silver have slipped as the U.S. dollar rose against the euro.

At last check, spot gold was down 0.62% to $1,612.69 an ounce. Despite the decline in trading today, spot gold is headed for a 3% gain for the week. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange are currently trading 0.38% lower at $1,614.10 an ounce.


Nic Brown, analyst at Natixis, told Reuters that towards the latter part of last year, gold’s correlation with other commodities and other risk assets increased substantially, so it is not surprising that it has continued into the beginning of this year. Brown further said that payrolls data in the U.S. was good for risk sentiment and it should help, but against that it also helped the U.S. dollar.

Earlier today, the Labor Department reported that the U.S. economy added more than forecast 200,000 jobs in the month of December. Unemployment rate also fell unexpectedly to 8.5% in December.

The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 0.28% lower at $157.35, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 0.67% lower at $53.54, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 0.19% lower at $15.78.

Silver prices have also fallen in trading today. At last check, spot silver was down 2.15% to $28.65 an ounce. Despite the losses, silver is headed for a gain of nearly 3% for the week.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.26% lower at $28.14, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 1.85% lower at $45.74, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 2.34% higher at $14.44.

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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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