Gold Prices End Higher on Stimulus Hopes; Silver Prices also Gain
Gold prices settled higher on Tuesday as expectations of further monetary easing by central banks around the world lifted investors’ sentiment. Silver prices also gained in trading on Tuesday.
Gold for delivery in August on the Comex division of the New York Mercantile Exchange rose $24.10 to settle at $1,621.80 an ounce.
In a research note, Commerzbank today said that the European Central Bank is expected to lower rates on Thursday and China is expected to relax the minimum reserve requirement ratio for banks again. Commerzbank said that in addition, more is expected of the U.S. central bank following Monday’s weak manufacturing data.
A report released on Monday showed that manufacturing activity in the U.S. contracted in the month of June. The weaker than expected economic data raised prospects of monetary easing in the U.S., and boosted gold prices.
Gold also benefited from a modest decline in the U.S. dollar. The ICE dollar index was trading at 81.803, at last check, down from 81.888 in late trading on Monday.
In other precious metals, silver prices also edged higher in trading on Tuesday. At last check, silver for delivery in September was trading 2.8% higher at $28.28 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 2.84% higher at $27.49, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 5.99% higher at $40.53, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 5.82% lower at $63.63.
Platinum and palladium also edged higher in trading on Tuesday.
More Posts by this author
- Stocks End Lower ahead of Jobs Report
- Gold Prices Edge Lower; Silver Prices also Slip
- Stocks Struggle for Direction in Late Trading
- VimpelCom (VIP) customers will use their mobile accounts to easily find, try and buy Google Play content
- U.S. Stocks Recover Early Losses, Supported by Rate Cuts and Strong Jobs Data
- J. Alexander’s Corporation – JAX – Continues Go-‐Shop Process
- Lake Shore Gold – LSG – Reports Strong Second Quarter Production of 24,426 Ounces of Gold
 |
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.
|
