Gold Prices Edge Higher; Silver Prices also Gain
Gold prices edged higher in trading on Friday as stalled fiscal cliff talks boosted the precious metal’s safe-haven appeal. Silver prices also edged higher on Friday.
At last check on Friday, spot gold was trading 0.5% higher at $1,655 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange settled $14.20 higher at $1,660.10 an ounce. Gold prices recovered after falling to a four-month low on Thursday.
Matthew Turner, analyst at Mitsubishi, believes that uncertainty over the fiscal cliff was deterring some gold investors. Speaking to Reuters, Turner said that nervousness over the fiscal cliff is possibly keeping some investors on the sidelines as it is unclear how gold will react to the ongoing fiscal cliff talks.
In a research note, UBS said that gold’s break of the 200-day moving average around $1,661 on Thursday spooked a lot of market participants and accelerated the sell-off. UBS analysts said that technical picture doesn’t look great and neither does sentiment.
Silver prices also edged higher on Friday. At last check, spot silver was trading 0.4% higher at $30 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 0.03% lower at $29, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 0.05% higher at $43.11, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 0.21% lower at $51.35.
Platinum edged lower on Friday. At last check, spot platinum was down 0.5% to $1,538 an ounce. Spot palladium, meanwhile, was flat trading close to $677 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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