Stock Market Watch

Gold Prices Ease; Silver Prices in Green

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Gold prices have eased in mid-day trading but are still headed for a weekly gain. Silver prices, meanwhile, have remained in green.

At last check, spot gold was trading 0.3% lower at $1,774.50 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are down 0.52% to $1,777 an ounce.


VTB Capital analyst Andrey Kryuchenkov said in a research note today that the latest rebound is starting to run out of steam and he expects the precious complex to start consolidating near current highs. Kryuchenkov further said that U.S. macro numbers remain fairly positive, which continues to limit losses in the dollar and could still see a small scale dollar rebound. He added that for sustained gains in gold from here, there needs to be a much weaker dollar relative to the euro for a sustained period, which is unlikely for now.

Silver prices have extended their gains in trading today. Silver in fact outperformed other precious metals to reach a new five-month high after breaking through a key technical level on Thursday.

UBS said in a research note that while one would not expect strong physical demand as prices push higher, the overall weakness in physical demand of late has caught its attention. UBS noted that U.S. Mint sales of American Eagle coins so far this month have fallen dramatically, while in India volumes have eased this week.

In today’s trading, spot silver is up 0.14% to $35.38 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.09% lower at $34.37, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.25% lower at $66.50, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.22% higher at $9.20.

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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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