Gold Prices Rise Sharply; Silver Prices also Rally
Gold prices finished sharply higher on Wednesday on hopes that European officials will take action to stem the euro zone debt crisis. Silver prices also rallied on Wednesday.
Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange settled $31.90 higher at $1,608.10 an ounce, the best finish since July 5th.
Gold rose as the U.S. dollar weakened against the euro following comments from a European Central Bank (ECB) official that the central bank could lend directly to the region’s bailout funds, a move that could boost the firepower of the bailout funds.
The ICE dollar index dropped from 84.009 in late trading on Tuesday to 83.755. The dollar had strengthened against the euro in the last few days amid rising worries about Spain and Greece.
Silver prices also surged on Wednesday, with silver futures for September delivery gaining 2.4% to $27.47 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up more than 1%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up nearly 3%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down nearly 3%.
In other precious metals, platinum and palladium also rose on Wednesday. Platinum futures for delivery in October gained 0.9% to $1,399.40 an ounce, while palladium for delivery in September gained 0.7% to $565.25 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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