Gold Prices Edge Higher; Silver Prices Fall
Gold prices settled marginally higher in trading on Friday even as investors remained cautious amid ongoing worries over the U.S. fiscal cliff. The precious metal, however, posted a loss for the week. Silver prices, meanwhile, edged lower on Friday.
Gold futures for delivery in December on Comex division of the New York Mercantile Exchange settled 0.1% higher at $1,714.70 an ounce.
Gold futures fell $16.30 in Thursday’s trading session after a report from the World Gold Council showed that demand for the precious metal weakened in the third quarter. The precious metal also fell in the previous trading session as the U.S. dollar strengthened amid worries over the fiscal cliff and the euro zone debt crisis.
On Friday, Congressional leaders began talks with President Obama on averting the fiscal cliff. At the end of the first of day of negotiations, Congressional leaders called the talks “constructive.” Investors are concerned that lawmakers in Washington would fail to reach an agreement before the year-end line. In such a scenario, automatic spending cuts and tax increases worth nearly $600 billion will take effect on January 1, 2013, which would push the U.S. economy into a recession.
In other precious metals, silver futures for delivery in December dropped 0.9% to $32.37 an ounce. Silver futures fell 0.7% for the week.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.92%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.81%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.81%.
Platinum and palladium also edged lower on Friday. Palladium for delivery in December fell 0.8% to $626.45 an ounce, while platinum for delivery in January fell 0.7% to $1,561.80 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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