Gold Prices Marginally Higher; Silver Prices also in Green
Gold prices are marginally higher in trading currently as investors remain cautious amid ongoing worries over the euro zone debt crisis and ahead of the Federal Reserve’s monetary policy meeting this week. Meanwhile, silver prices are firmly in green in trading currently.
Gold prices fell sharply earlier in the day as investors moved into riskier assets after Greek voters opted for pro-bailout parties in Sunday’s election. However, the initial enthusiasm over Greek election results faded, helping gold to recover from early losses.
Meanwhile, investors are now focused on the Federal Reserve’s monetary policy meeting this week. Weak economic data released in the last few days has raised prospects of further monetary easing from the Fed. If the Fed hints at further easing this week, gold prices could rise sharply.
Speaking to Reuters, Anne-Laure Tremblay, analyst at BNP Paribas, said that the fact that risk appetite has not rebounded more decisively after the Greek election may suggest that the markets will push for a broader solution for the euro zone, on that would remove the contagion risk from Spain and Italy in particular. Tremblay said that gold seems to be waiting for the Fed meeting on Wednesday and it is more sensitive to central bank action than to variations in risk appetite.
At last check, spot gold was trading 0.04% higher at $1,628.41 an ounce.
In other precious metals, silver prices are gaining in trading today. At last check, spot silver was trading 0.38% higher at $28.78 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.47% higher at $27.94, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 1.01% higher at $42.09, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.90% lower at $62.48.
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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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