Gold Prices Gain; Silver Prices Also Edge Higher
Gold prices edged higher in trading on Wednesday as traders in U.S. returned following a two-day shutdown due to the devastating Hurricane Sandy. Despite posting gains on Wednesday, the precious metal fell for the month of October. Silver prices also rose on Wednesday.
Spot gold gained 0.9% to $1,723.60 an ounce on Wednesday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange, meanwhile, settled $7 higher at $1,719.10 an ounce. Gold fell nearly 3% in October, the first monthly decline since May.
Speaking to Reuters, Ole Hansen, Vice President of Saxo Bank, said that gold has been forming a good base over the last couple of days. Hansen noted that Japan quantitative easing on Tuesday returned the focus to monetary stimulus, and forward-looking inflation has been creeping higher as well. He added that speculators are dipping their toes in again, but probably only to do a bit of window dressing ahead of the month end.
Silver also gained on Wednesday. At last check, spot silver was trading 1.5% higher at $32.31 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.51% to $31.24, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.06% to $50.63, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.13% to $45.48.
Platinum and palladium also gained on Wednesday. At last check, spot platinum was trading 1.2% higher at $1,566.74 an ounce, while spot palladium was trading 1.9% higher at $605 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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