Gold Prices Rally on EU Deal; Silver Prices also Surge
Gold prices rallied in trading on Friday, tracking gains in the equity markets as a surprise agreement reached by EU leaders lifted sentiments. Silver prices also surged in trading on Friday.
Euro zone leaders on Friday agreed to implement emergency measures to bring down Spanish and Italian borrowing costs. In a surprise move, European leaders also agreed to use euro zone’s rescue funds to support the region’s struggling banks.
The EU deal lifted investors’ sentiment and sparked a huge rally in global markets. Gold, which has traded more like a risk asset in recent weeks, also surged.
At last check, spot gold prices were trading 3.16% higher at $1,599.80 an ounce. Gold futures for delivery in August rose 2.93% to $1,596.20 an ounce.
Despite the gains on Friday, gold fell for the quarter.
Silver prices also surged in trading on Friday. At last check, spot silver was trading 4.48% higher at $27.52 an ounce.
At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was trading 4.25% higher at $26.72, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was trading 8.56% higher at $38.28, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was trading 8.03% lower at $67.48.
In other precious metals, spot platinum rose 2.98% to $1,424.95 an ounce, while spot palladium rose 3.57% to $580.95 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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