Stock Market Watch

Gold Prices Edge Lower; Silver Prices Hold on to Gains

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Gold prices have edged lower in trading today as the U.S. dollar strengthened and crude oil prices slipped. Silver prices, meanwhile, have remained in green in mid-day trading.

At last check, spot gold was trading 0.46% lower at $1,655.46 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently trading 0.29% lower at $1,653.10 n ounce.


Nic Brown, Head of Commodity Research at Natixis, told Reuters that he has a forecast for an average price for the year of $1,450 an ounce, so he has not surprised that gold prices are struggling to go higher. Brown thinks as time goes on the likelihood is that prices will probably soften further.

Meanwhile, UBS lowered its 2012 gold price forecast to $1,680 an ounce from $2,050 previously. UBS said that the downward revision reflects the metal’s performance in the first quarter.

UBS further said that the view that the U.S. economic recovery is looking more sustainable is becoming increasingly accepted. It added that as acute macro stresses abate, investors are looking at other asset classes and to the growth story once again.

Silver prices are holding on to their gains in mid-day trading. At last check, spot silver was trading 0.03% higher at $32.02 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.06% lower at $31.14, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.24% lower at $53.65, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading flat at $10.74.

 

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edliston
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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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.

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