Gold Prices Edge Higher Ahead of EU Summit; Silver Prices Slip
Gold prices edged higher in trading on Wednesday ahead of a crucial European Union Summit. Silver prices, meanwhile, edged lower in trading on Wednesday.
Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange rose $3.50 to settle at $1,578.40 an ounce. Prices rose as high as $1,584.60 an ounce on Wednesday.
Gold prices fluctuated between gains and losses for most of the day, even as oil and stocks rose. Riskier assets rose on the back of some solid U.S. economic data.
A report from the National Association of Realtors released on Wednesday showed that pending home sales in the U.S. rose 5.9% in May to a two-year high. Recent data from the housing market indicates a slow but steady recovery. Meanwhile, a report from the Commerce Department today showed that orders for durable goods rose 1.1% in the month of May.
Investors are now focused on the all-important European Union summit, which starts on Thursday. Expectations are already low ahead of the summit as Germany remains unenthusiastic about forming a fiscal and banking union in the euro zone.
In other precious metals, silver prices slipped in trading on Wednesday. At last check, July silver futures were trading 0.4% lower at $26.94 an ounce.
At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.65%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.35% to $36.65, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.12% to $70.67.
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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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