Gold Prices Edge Lower; Silver Prices Flat
Gold prices slipped in trading on Tuesday as some strong U.S. economic data dashed hopes of further monetary easing from the Federal Reserve. Meanwhile, silver prices finished flat on Tuesday.
Gold slipped as data released by the Commerce Department on Tuesday showed that retail sales in the U.S. rose in July for the first time in four months.
Speaking to Reuters, George Gero, Vice President of RBC Capital Markets, said that better economic figures may make the Federal Reserve postpone or do away with additional stimulus. Gero said that technically, gold failed to break above the $1,625 decisively and profit taking is probable as the $1,600 area may give way to $1,575 support.
Spot gold fell 0.4% to $1,603 an ounce on Tuesday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange slipped $7.10 to $1,605.50 an ounce.
Silver prices were essentially flat on Tuesday. At last check, spot silver was trading flat at $27.79 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 0.15% higher at $26.96, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 0.08% higher at $38.56, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 0.25% lower at $64.70.
In other precious metals, platinum and palladium rose on Tuesday. At last check, spot platinum was trading 1.2% higher at $1,396.24 an ounce, while spot palladium was trading 1.2% higher at $576.22 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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