Gold Prices Flat; Silver Prices Edge Higher
Gold prices ended nearly flat in trading on Friday as investors took a breather after the recent rally in the precious metal. Silver prices, meanwhile, edged higher on Friday.
Gold prices rose sharply this week after the minutes of Federal Reserve’s most recent monetary policy meeting suggested that the central bank is likely to implement further easing measures.
Hopes of further easing lifted the precious metal to a 4-1/2-month high this week.
Speaking to Reuters, Afshin Nabavi, Head of Trading at MKS Finance, said that gold has finally moved and looks like it wants to test the $1,700 level sooner than later, but there are no physical buyers at the moment. Nabavi said that if there is no physical interest in the market, gold’s move upward will be short-lived.
Spot gold prices were down 0.04% to $1,669.40 an ounce in late trading on Friday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange, meanwhile, settled $0.40 lower at $1,672.80 an ounce.
Platinum prices edged lower on Friday. At last check, spot platinum was down 0.1% to $1,536.20 an ounce. Platinum prices rose to a near four-month high on Thursday amid concerns over supply due to violence at a South African mine. Palladium also slipped on Friday, settling at $652.45 an ounce.
Silver prices edged higher. At last check, spot silver was up 0.4% to $30.69 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.47%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.62%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.70%.
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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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