Stock Market Watch

Gold and Silver Prices Sharply Lower in Mid-Day Trading

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Gold prices have fallen sharply in mid-day trading following the release of better than expected jobs report for the month of January. Silver prices are also in red in mid-day trading.

Earlier today, the Labor Department reported that the U.S. economy added 243,000 jobs in the month of January, while the unemployment rate dropped unexpectedly to 8.3%. The continued improvement in the labor market means that the Federal Reserve may not continue with loose monetary policy for a long time, which could push the dollar higher. A stronger dollar would make gold unattractive to investors and hence the sharp decline today.


At last check, spot gold was trading 1.24% lower at $1,737.60 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently down 0.97% to $1,742.20 an ounce.

Gold ETFs are also down sharply in trading currently. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 1.32% lower at $168.80, the Market Vectors ETF Trust (NYSE: GDX) was trading 1.67% lower at $56.51, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 1.25% lower at $16.93.

Silver prices are also sharply lower in trading currently. At last check, spot silver was trading 1.55% lower at $33.74 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 2.01% lower at $32.69, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 3.98% lower at $60.53.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 4.06% higher at $10.26.

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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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