Gold Prices and Silver Prices Higher

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Gold prices are higher in early trading today, extending their gains from Friday. Silver prices, meanwhile, are also higher in early trading today.

Gold posted its biggest one-day rise for this month on Friday as higher crude oil prices raised the precious metal’s appeal as an inflation hedge. However, gold is still down nearly 2% for the month. The pressure is likely to continue as the U.S. economy is strengthening.


Ronald Leung, a dealer at Lee Cheong Gold Dealers in Hong Kong, told Reuters that there is no rush to buy gold. Leung said that we are seeing slower economic growth accompanied by easing inflation in China, which dampens interest in buying gold.

At last check, spot gold was trading 1.05% higher at $1,679.60 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.03% higher at $1,662.90 an ounce.

In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is up 0.89% to $162.97, the Market Vectors ETF Trust (NYSE: GDX) is up 1.33% to $50.43, and the iShares Gold Trust (ETF) (NYSE: IAU) is up 0.93% to $16.35.

Silver prices are marginally higher in trading currently. At last check, silver futures were trading 0.27% higher at $32.36 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is up 1.47% to $31.69 in pre-market trading, while the ProShares Ultra Silver (ETF) (NYSE: AGQ) is up 2.85% to $55.67 in pre-market trading.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is down 2.80% to $10.40 in pre-market trading.

 

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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.


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