Gold Prices Edge Higher; Silver Prices also Gain
Gold prices settled higher in trading on Friday on hopes of further monetary easing from the Silver prices also gained on Friday.
Hopes of further monetary easing from the Fed were raised after a report released on Friday showed that the U.S. economic growth slowed down in the second quarter of 2012. The U.S. GDS expanded 1.5% in the second quarter, the slowest pace since the third quarter of 2011.
Gold also gained as the U.S. dollar weakened against the euro after French President Francois Hollande and German Chancellor Angela Merkel said that they are determined to do all they can to protect the euro zone.
Spot gold rose 0.3% to $1,620.36 on Friday. Meanwhile, gold futures for delivery in August on the Comex division of the New York Mercantile Exchange settled slightly higher at $1,618 an ounce.
Andrey Kryuchenkov of VTB Capital said in a research note that he is still skeptical over the sustainability of such a fragile rebound and once again gold volumes remain quite subdued and physical players will need to step in and support a sustained rally, which is also unlikely at these prices, not least because of a demand lull in India at the moment.
Silver prices also rose on Friday. At last check, spot silver was trading 0.5% higher at $27.64 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was trading 0.64% higher, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was trading 1.21% higher, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was trading 1.21% lower.
In other precious metals, platinum and palladium also rose on Friday. At last check, spot platinum was trading 0.4% higher at $1,405.65 an ounce, while spot palladium was trading 1.3% higher at $572.25 an ounce.
More Posts by this author
- Gold Posts Highest Weekly Gains in Last Eight Weeks
- Stocks Rally for a Second Straight Day
- Gold Prices Edge Higher; Silver Prices also Gain
- Stocks Headed for a Strong Finish
- U.S. Stocks Extend Gains, Boosted By Hopes of Monetary Easing
- Stocks Gain in Early Trading
- Washington Real Estate Investment Trust – WRE – 203rd consecutive quarterly dividend
 |
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.
|
