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 concerns about Spain, euro zone’s fourth-largest economy, have intensified.

At last check, spot gold was trading 0.61% lower at $1,648.50 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently trading 0.57% lower at $1,650.80 an ounce.


Nic Brown, analyst at Natixis, told Reuters that we have the dollar appreciating against most other currencies and particularly against the euro, which was down below $1.30 this morning and it is no surprise that the strength of the dollar is taking gold prices down with it.

Meanwhile, UBS said in a research report today that combined turnover on the Shanghai Gold Exchange for the two gold physical contracts is holding up, but a similar pause is noticeable, particularly against the sharp and steady uptrend seen last year. UBS further said that current levels are by no means excessively weak, but the fact that average daily turnover sits at just about half of the 18 ton all-time high seen last year is in itself confirmation that there is less gold fever in China this year compared with last year.

Silver prices have also edged lower in trading today. At last check, spot silver was down 0.25% to $31.38 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.07% lower at $30.53, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.16% lower at $51.31, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.27% higher at $11.03.

 

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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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