Gold Prices Settle Higher for a Second Straight Trading Session; Silver Prices Slip
Gold prices settled higher in trading on Monday as renewed worries over the euro zone debt crisis boosted the precious metal’s safe-haven appeal. Silver prices edged lower on Monday.
Gold rose for a second straight trading session on Monday after political uncertainty in Spain raised concerns over the euro zone debt crisis. The precious metal also rose on expectations of a rise in demand from China ahead of the Chinese New Year.
Gold for delivery in April on the Comex division of the New York Mercantile Exchange gained 0.4% to settle at $1,676.40 an ounce. Gold futures had finished 0.5% higher on Friday.
Concerns over the euro zone debt crisis resurfaced on Monday, dragging equity markets in Europe and U.S. lower. The Spanish Prime Minister, Mariano Rajoy is facing increasing pressure to resign in the wake of a corruption scandal. Meanwhile, the prospect of a Silvio Berlusconi win in this month’s general election in Italy has sparked concerns that the country’s reform process will be derailed.
Silver prices edged lower on Monday, with March Silver futures falling 0.8% to $31.72 an ounce.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.26% to $30.70, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.69% to $47.72, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 0.81% to $44.90.
Platinum and palladium edged higher on Monday, with platinum futures for delivery in April gaining 0.6% to $1,698.10 an ounce, and palladium futures for March delivery gaining 0.2% to $757.80 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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