Stock Market Watch

Gold Prices Extend Gains; Silver Prices Lower

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Gold prices have extended their gains in trading today. Gold had risen sharply on Tuesday, with the precious metal crossing its 200-day moving average. Silver prices, which rose sharply on Tuesday, meanwhile, are marginally lower in trading currently.

Gold prices are currently trading near one-month highs, boosted by a stronger euro. Gold prices are up 1.5% this week. On Tuesday, gold crossed the psychological 200-day moving average mark.


At last check, spot gold was trading 0.42% higher at $1,639.29 an ounce. Gold futures for delivery in February are currently trading 0.51% higher at $1,639.90 an ounce.

Ross Norman, Director at bullions dealer Sharps Pixley, told Reuters that gold has come well through the 200-day moving average and he would not be surprised if some of the buying currently seen is short-covering. Norman further said that this is a big relief for gold bulls that, in fairly short order, the precious metal has overcome the technical level. Norman added that the other thing that is fairly significant is the Chinese story. He noted that the imports from Hong Kong have been phenomenal.

According to the Hong Kong Census and Statistics Department, a record 102.525 tons of gold entered the mainland from Hong Kong in the month of November.

The SPDR Gold Trust (ETF) (NYSE: GLD) is currently up 0.39% to $159.26 in pre-market trading, the Market Vectors ETF Trust (NYSE: GDX) is currently up 0.02% to $54.52 in pre-market trading, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently up 0.19% to $15.95 in pre-market trading.

Meanwhile, spot silver is currently trading 0.35% lower at $29.71 an ounce.

In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is down 0.41% to $28.93, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is down 0.77% to $47.99, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is up 1.11% to $13.65.

 

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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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