Stock Market Watch

Gold Prices Settle Higher; Silver Prices also Gain

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Gold prices settled higher in trading on Friday even as hopes of further monetary easing from the Federal Reserve faded after better than expected jobs report for the month of July. Silver prices, meanwhile, rose sharply on Friday.

Gold prices initially slipped after data released by the Labor Department on Friday showed that the U.S. economy added 163,000 jobs in the month of July, well above economists’ forecast. The precious metal slipped initially as the strong jobs report lowered expectations of further monetary stimulus from the Federal Reserve.


But, gold prices soon recovered as the U.S. dollar weakened. Spot gold prices were up 0.9% to $1,604 an ounce, at last check on Friday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $18.60 higher at $1,609.30 an ounce.

In other precious metals, silver prices rallied on Friday. At last check, spot silver was trading 2.36% higher at $27.74 an ounce.

In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was trading 2.20% higher at $26.89, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was trading 4.57% higher at $38.41, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was trading 4.33% lower at $65.16.

Platinum and palladium also rose on Friday. At last check, spot platinum was trading 1.7% higher at $1,406 an ounce, and spot palladium was trading 1.7% higher at $575 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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