Gold Prices Settle Higher; Silver Prices also Gain
Gold prices rose sharply in trading on Thursday as hopes of further monetary stimulus from China boosted investors’ sentiment. Silver prices also rose sharply on Thursday.
Gold gained after reports that China’s central bank injected a record amount of cash into the economy. The move from People’s Bank of China, China’s central bank, has raised hopes of further monetary stimulus. If indeed Chinese policymakers provide further stimulus to boost economic growth then gold prices could rise significantly.
Speaking to Reuters, Bill O’Neill, Partner LOGIC Advisors, a commodity investment firm, said that the gold market is a market that reflects concerns. O’Neill said that there is speculation that China will engage in additional stimulus measures.
Gold prices also rose after Spanish government announced new austerity measures in its 2013 budget.
Spot gold prices gained 1.5% to $1,777 an ounce on Thursday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange rose $26.90 to $1,780.50 an ounce.
Silver prices also rallied on Thursday, with spot silver gaining 2% to $34 an ounce.
In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 2.25%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 4.49%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 4.45%.
Platinum and palladium also rose sharply on Thursday. At last check, spot platinum was trading 1.1% higher at $1,645 an ounce, while spot palladium was trading 0.8% higher at $630 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.
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