Gold Prices Settle Higher; Silver Prices also Gain
Gold prices rose sharply on Monday, kicking off the fourth quarter on a strong note. Silver prices also rose sharply on Monday.
Gold gained on the first trading day of the fourth quarter after posting its strongest quarterly gain in more than two years in the third quarter.
Spot gold gained 0.4% to $1,777 an ounce on Monday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange gained $9.40 to settle at $1,783.30 an ounce.
Gold prices gained 10.6% in the third quarter, which is the biggest quarterly rise since the second quarter of 2010. The precious metal rose more than 5% in September, which is the largest monthly gain since January. Gold rallied after the Federal Reserve last month unveiled its latest bond buying program.
Speaking to Reuters, Afshin Nabavi, Head of Trading at MKS Finance, said that for the moment, it feels as if the investor market is still not convinced gold is going to go much higher. Nabavi said that investors should look to buy on dips.
Silver also began the fourth quarter on a strong note, with spot silver gaining 1.3% to $35 an ounce on Monday.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.36%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.55%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.70%.
Platinum and palladium also rose on Monday. At last check, spot platinum was trading 0.9% higher at $1,674 an ounce, while spot palladium was trading 1% higher at $639 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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