Gold Prices Edge Higher; Silver Prices also Gain
Gold prices edged higher in trading on Thursday amid rising worries over the looming “fiscal cliff” and the euro zone debt crisis. Silver prices, meanwhile, rose sharply on Thursday.
At last check on Thursday, spot gold was trading 1% higher at $1,733 an ounce. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $12 higher at $1,726 an ounce.
Speaking to Reuters, Andrey Kryuchenkov, analyst at VTB Capital, said that gold will continue to have support at around $1,700 and $1,680, however, before the end of the year gold should gradually rise because there is liquidity and low yields.
Afshin Nabavi, head of trading at MKS Finance, meanwhile told Reuters that tackling the fiscal cliff is not going to be an easy task but having seen how close the election was between President Obama and Republican challenger Mitt Romney, it seems Obama is ready to start a dialogue. Nabavi said that key resistance for gold will be at $1,730 an ounce, followed by $1,750 an ounce and $1,800 an ounce.
Demand for gold in India was weak on Thursday due to a weaker rupee. However, demand is expected to rise in India due to the festival season.
In other precious metals, silver prices rose sharply on Thursday. At last check, spot silver was trading 1.7% higher at $32 an ounce.
In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 1.75% to $31.39, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 3.54% to $50.94, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 3.57% to $44.63.
Platinum and palladium also gained. At last check, spot platinum was trading 0.1% higher at $1,540 an ounce, while spot palladium was trading 0.7% higher at $613 an ounce.
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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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