Gold Prices Settle Higher; Silver Prices also Edge Higher
Gold prices settled higher on Monday following a sharp decline in the previous trading session. Silver prices also edged higher on Monday.
Gold prices rose as inflation worries boosted the demand for the precious metal. Concerns over inflation rose as U.S. soybean futures jumped to a record high, while corn prices also rose sharply amid extreme dry conditions in the U.S. Midwest.
At last check, spot gold prices were up 0.39% to $1,588.70 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange settled $10.20 higher at $1,589.10 an ounce.
Gold’s inflation-hedge appeal was also boosted by a sharp rise in crude oil prices. A weaker dollar also pushed gold prices higher.
Investors are also expecting further easing from China’s central bank after data released earlier today showed that consumer inflation in the country eased more than forecast to 2.2% in June. Friday’s dismal jobs report has also raised prospects of further monetary easing from the Federal Reserve.
In other precious metals, silver prices also rose on Monday. At last check, spot silver was trading 1.3% higher at $27.4 an ounce.
Silver ETFs also gained, with the iShares Silver Trust (ETF) (NYSE: SLV) rising nearly 1%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) rising more than 1.8%.
The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, fell more than 1.9% on Monday.
Platinum was flat on Monday. At last check, spot platinum was trading at $1,448 an ounce. Palladium, meanwhile, rose on Monday. At last check, spot palladium was trading 0.67% higher.
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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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