Stock Market Watch

Gold Prices Edge Lower; Silver Prices Marginally Higher

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Gold prices have edged lower in trading today, extending a four-day decline. Silver prices, meanwhile, are marginally higher in trading today.

At last check, spot gold was trading 0.06% lower at $1,640.30 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently down $3.50 to $1,636.10 an ounce.


Daniel Briesemann, analyst at Commerzbank, told Reuters that gold is moving in line with riskier asset classes and given higher risk aversion and growing uncertainty, prices are moving lower. Briesemann further said that since the dollar is stronger again today, that is also weighing on the price of gold.

Bayram Dincer of LTG Capital Management, meanwhile, told Reuters that the euro zone debt crisis is just one variable in the gold equation going forward. Dincer said that the other is the Fed’s upcoming meting and that will be the next factor to determine the future direction for gold.

Standard Bank, however, said in its monthly report that it still favors gold. Standard Bank sees $1,630 and $1,600 as good levels to establish a long position for a move higher.

Silver prices have edged higher in trading today. At last check, spot silver was trading 0.32% higher at $31.70 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.49% higher at $30.79, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.99% higher at $52.15, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 1.10% lower at $10.81.

 

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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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