Gold Prices Gain on Hopes of Monetary Easing from China; Silver Prices also Up
Gold prices rose on Friday as weak Chinese trade data raised prospects of further monetary easing from the world’s second largest economy. Meanwhile, silver prices also rose marginally on Friday.
Gold prices also gained on Friday as corn futures surged to an all-time high, raising inflation worries.
Gold, which has tracked riskier assets in recent times, broke ranks with equities on Friday. The precious metal gained as China’s July trade data indicated that the Chinese economy is headed for a hard landing. On Thursday, data showed that China’s factory output rose at its lowest pace in three years.
The recent economic data from China has raised prospects of monetary easing from China’s central bank. Bullion investors are also hoping for monetary easing from the Federal Reserve and the European Central Bank.
At last check on Friday, spot gold was trading 0.3% higher at $1,621.66 an ounce, while gold futures for December delivery on the Comex division of the New York Mercantile Exchange were trading $4.40 higher at $1,624.60 an ounce.
In other precious metals, silver prices rose marginally on Friday. At last check, spot silver was up $0.01 to $28.11 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.04%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.05%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.09%.
Platinum and palladium slipped on Friday. At last check, spot platinum was down 0.6% to $1,396.74 an ounce, while spot palladium was down 0.7% to $576.72 an ounce.
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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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