Gold Prices End Marginally Higher; Silver Prices also Gain
Gold prices settled marginally higher in trading on Tuesday after struggling for direction throughout the day as investors remained on the sidelines after last week’s rally. Silver prices also gained on Tuesday, while platinum prices slipped on reports that striking workers at Lonmin Plc’s mine in South Africa will return to work.
Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange rose $0.60 to settle at $1,771.20 an ounce.
In a research note, HSBC analysts wrote that the interest rates and dilute its effectiveness. HSBC analysts noted that since the gold rally is heavily predicated on QE3, this could shift the market psychology to one of cautious consolidation after the spate of strong gains. HSBC analysts remain bullish on gold but expect markets to take a breather before moving higher later in the year.
Platinum prices, which have risen sharply recently due to supply concerns, fell on Tuesday amid reports the strike at Lonmin’s mine in South Africa has ended and workers are likely to return to work.
Platinum futures for delivery in October dropped 2.2% to settle at $1,636.30 an ounce. Palladium also dropped, with palladium futures for December delivery settling 3.2% lower at $667.35 an ounce.
Silver prices gained on Tuesday, with December futures settling 1% higher at $34.72 an ounce.
In late trading on Tuesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 2%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 4.02%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 3.83%.
More Posts by this author
- Darden Restaurants Reports Q1 Results (DRI)
- Gold Settles Higher, Outlook Bullish
- Stocks Finish on a Mixed Note; Post Loss for the Week
- Gold Prices Edge Higher; Silver Prices Slip
- Stocks Marginally Higher in Late Trading
- Stocks Higher in Mid-Day Trading
- Lennox International – LII – Increases Dividend 11 Percent
 |
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.
|
