Stock Market Watch

Gold Prices Hold on to Gains; Silver Prices in Red

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Gold prices are holding on to their gains in mid-day trading today. The precious metal is recovering after falling sharply on Thursday. Silver prices, meanwhile, are currently in red.

Earlier today, investment bank Fairfax said in a research note that the recent sell-off in gold could well prove to be excessive if risk aversion rises again in the coming months.


At last check, spot gold was trading 0.19% higher at $1,568.36 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange are currently trading 0.17% higher at $1,568.10 an ounce.

Technical analysts say that gold is seeing good support at $1,560 an ounce and below that at $1,530 an ounce. In a research note, ScotiaMocatta today said that the price action looks weak, but overall the metal has been contained in the 1528 to 1640 range for two months.

Gold ETFs are mixed in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 0.20% higher at $152.30, the Market Vectors ETF Trust (NYSE: GDX) was trading 0.58% lower at $44.57, and the iShares Gold Trust (ETF) (NYSE: IAU) was trading 0.26% higher at $15.29.

Silver prices are currently in red. At last check, spot silver was trading 0.11% lower at $26.81 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.04% lower at $26.11, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.30% lower at $36.65, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.11% lower at $71.04.

 

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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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