Stock Market Watch

Gold Prices Marginally Higher; Silver Prices in Red

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Gold prices are marginally higher in mid-day trading even as investors remain cautious following comments from Federal Reserve Chairman Ben Bernanke. Silver prices, meanwhile, are lower in mid-day trading.

Gold prices rose sharply last Friday following a weak jobs report that raised hopes of further monetary easing from the Federal Reserve. However, the Fed Chairman dashed hopes of additional monetary easing on Thursday.


At last check, spot gold prices were trading 0.19% higher at $1,592.16 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange are currently trading 0.37% higher.

Earlier today, Gianclaudio Torlizzi from T-Commodity told Reuters that the fact that the Fed did not hint at monetary easing has weighed a lot on gold and of course in this scenario of risk aversion, the inverted correlation with the dollar was restored and is having an impact.

Torlizzi noted that the outlook for precious metals in the medium-term, however, remains positive because the central banks will have to undertake an expansive monetary policy sooner or later.

In mid-day trading, the SPDR Gold Trust (ETF) (NYSE: GLD) is up 0.03%, the Market Vectors ETF Trust (NYSE: GDX) is up 0.59%, the iShares Gold Trust (ETF) (NYSE: IAU) is up 0.06%.

Silver prices are lower in trading currently. At last check, spot silver was trading 0.35% lower at $28.48 an ounce.

The iShares Gold Trust (ETF) (NYSE: SLV) is currently trading 0.47% lower, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.91%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.57% higher.








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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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