Gold Prices Settle Higher on Monetary Easing Hopes; Silver Prices also Gain
Gold prices settled higher in trading on Thursday amid hopes of further monetary easing from global central banks to boost economic growth. Silver prices also rose sharply on Thursday.
Spot gold prices gained 0.8% to $1,615 an ounce on Thursday. Meanwhile, gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $12.60 higher at $1,619.20 an ounce.
Gold investors are focusing on the central bankers’ meeting in Jackson Hole at the end of this month. Investors are hoping that the Federal Reserve will hint at further monetary easing during the central bankers’ meeting.
Speaking to Reuters, Afshin Nabavi, Head of Trading at MKS Finance, said that after Jackson Hole, the markets will hopefully have a better idea and until then, we should continue trading within the range.
Gold prices also gained on Thursday as the U.S. dollar slipped against the euro. The greenback fell as data released by the Labor Department showed that initial jobless claims rose last week.
Meanwhile, physical demand for gold continues to be weak due to a drop in buying in India and China, the two biggest consumers of gold.
In other precious metals, silver prices also gained on Thursday. At last check, spot silver was trading 1.5% higher at $28 an ounce.
In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 1.54%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 2.98%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 3.12%.
Platinum and palladium also rose in trading on Thursday. At last check, spot platinum was trading 3.3% higher at $1,435 an ounce, and spot palladium was trading 1.6% higher at $581 an ounce.
More Posts by this author
- Gold Prices held Steady as Investors wait Bolder Actions from ECB after Merkel’s Support’ Silver Prices Lower
- U.S. Stock Futures Mix Ahead of Confidence Data
- Children’s Place Reports Q2 Results (PLCE)
- Gold Prices Edge Higher on Merkel’s Comments, Monetary Easing Hopes
- Stocks End Higher; All Three Major Indexes Finish at Session Highs
- Gold Prices Settle Higher on Monetary Easing Hopes; Silver Prices also Gain
- Stocks Headed for a Higher Finish
 |
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.
|
