Stock Market Watch

Gold and Silver Prices Remain in Red

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Gold and silver prices have remained in red in mid-day trading as the dollar continues to strengthen. Gold has now fallen to its lowest level since mid-January.

At last check, spot gold was trading 0.72% lower at $1,638.10 an ounce. Earlier in the day, spot gold prices fell to $1,627.68 an ounce, the lowest level since January 13. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.69% lower at $1,638.90 an ounce.


Credit Suisse analyst Tom Kendall told Reuters that sentiment in the market seems to have turned a little bit bearish over the last couple of weeks and he would not be surprised to see gold have a look below the $1,600 an ounce level.

Simon Weeks, Head of Precious Metals at Scotia Mocatta, meanwhile, told Reuters that all the people who piled back in January when the Fed went very public on low interest rates have unwound now.

Gold ETFs are also lower in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was down 0.64% to $159.19, the Market Vectors ETF Trust (NYSE: GDX) was down 2.03% to $48.75, and the iShares Gold Trust (ETF) (NYSE: IAU) was down 0.62% to $15.97.

Silver futures are sharply lower in mid-day trading. At last check, silver futures were down 2.4% to $31.455 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 2.37% lower at $30.47, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 4.74% lower at $51.50, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 4.93% higher at $11.27.  

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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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