Stock Market Watch

Gold Prices Flat; Silver Prices Edge Higher

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Gold prices are little changed in mid-day trading as investors continue to monitor developments in the euro zone. Silver prices, meanwhile, have edged higher in mid-day trading.

Earlier today, the French President and the German Chancellor met in Berlin to discuss last month’s proposed deal to resolve the euro zone debt crisis. The two leaders said that there has been progress on last month’s proposed deal of fiscal integration among euro zone countries.


At last check, spot gold was trading 0.09% lower at $1,615.59 an ounce. Earlier in the day, spot gold fell to a low of $1,604.44 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange are unchanged at $1,616.80 an ounce.

Walter de Wet, analyst at Standard Bank, told Reuters that gold is finding better support but it has been very rangebound since the start of the year. The analyst said that physical demand has improved but he does not think it will push the price much higher than $1,650 an ounce. He added that buying comes when prices dip below $1,600 an ounce.

The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 0.18% lower at $156.91, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 0.32% higher at $53.52, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 0.13% lower at $15.74.

Silver prices have extended their gains in mid-day trading. At last check, spot silver was trading 1.22% higher at $29.06 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.07% higher at $28.21, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 2.35% higher at $45.70.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 1.91% lower at $14.39.

 

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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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