Stock Market Watch

Gold Prices Lower Ahead of FOMC Meeting; Silver Prices Also in Red

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Gold prices are in red in trading today as investors remain on the sidelines ahead of the Federal Reserve’s monetary policy meeting. Silver prices are also lower in early trading today.

Gold prices had risen earlier in the day; however, the precious metal has shed its early gains following strong German investor sentiment data.


At last check, gold for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.66% lower. Earlier, gold prices had risen to $1,706.20 an ounce.

Investors are focusing on the outcome of the Federal Reserve’s monetary policy meeting. In a research note, James Steel, analyst at HSBC, said that if there are no announced changes to the Fed program, then the Fed statement is unlikely to have any obvious implications for the U.S. dollar. Steel said that this would also mean that the FOMC meting is likely to have little effect on gold.

Gold prices eased earlier today after a gauge of German investor sentiment, the ZEW Index, rose more than forecast in the month of March.

Silver prices are also lower after gaining earlier in the day. At last check, silver for delivery in May was down 0.38%.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.34% lower at $32.52, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.54% lower at $58.80, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.61% higher at $9.94.

 

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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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