Stock Market Watch

Gold Prices Settle Higher; Silver Prices also Gain

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Gold prices ticked higher in trading on Thursday as the U.S. dollar weakened against major rivals. Silver prices also edged higher on Thursday.

Gold investors have been cautious in the last few days as they wait for the Federal Reserve’s next FOMC, which is scheduled to take place next week. Gold prices recovered this week, hitting a one-month high, as concerns over an early-end to the Fed’s bond buying program eased. However, investors will be looking for further hints on the longevity of the bond purchase program when the Fed releases its monetary policy statement next week.

Speaking to Reuters, Jonathon Butler, analyst at Mitsubishi, said that gold is still searching for some decisive news either way from which it can take a trend and in the absence of that, we are going to see some pretty choppy, volatile trading. Butler added that all eyes are still on the Fed meeting next week.

At last check, spot gold was trading 0.6% higher at $1,328 an ounce. Prices fell to a low of $1,308.74 in early trading on Thursday but recovered later in the day. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange rose $9.30 to settle at $1,328.80 an ounce. In late trading, the SPDR Gold Trust (ETF) (NYSE: GLD) was up 0.82% to $128.55.

Silver was last trading 0.2% higher at $20.19 an ounce. Platinum and palladium edged lower. At last check, spot platinum was down 0.1% to $1,442 an ounce, and spot palladium was down 1.2% to $735 an ounce.

 








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edliston
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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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.

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