Gold Prices Settle Higher on Hopes of Easing from China; Silver Prices also Gain

Gold prices rose in trading on Thursday as hopes of further monetary easing from China, the world’s fastest growing major economy, lifted sentiments. Silver prices also gained on Thursday.

Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled 0.3% higher at $1,620.20 an ounce.

Hopes of more monetary easing from China rose after the country’s inflation fell to a 30-month low. Meanwhile, investors also expect the Federal Reserve and the European Central Bank (ECB) to implement measures to boost economic growth.

Gold prices gained for a second straight day. On Wednesday, the precious metal had settled $3.20 higher.

Gold’s gains, however, were limited on Thursday as the U.S. dollar strengthened. The dollar index, which tracks the performance of the greenback against a basket of six major currencies, rose to 82.639.

Silver prices also gained on Thursday. At last check, silver futures for delivery in September were up 0.1% to $28.10 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) finished 0.29% higher, the ProShares Ultra Silver (ETF) (NYSE: AGQ) finished 0.51% higher, and ProShares UltraShort Silver (ETF) (NYSE: ZSL) finished 0.61% lower.

Platinum and palladium also settled higher on Thursday. Platinum for October delivery settled 0.2% higher at $1,412.80 an ounce, while palladium for September delivery settled $0.20 higher at $586.70 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.