Gold Prices Settle Higher; Silver Prices also Gain
Gold prices edged higher in trading on Thursday following four straight sessions of decline. Silver prices also gained on Thursday.
Spot gold rose 0.3% to $1,767 an ounce on Thursday. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $5.50 higher at $1,770.60 an ounce.
Speaking to Reuters, Afshin Nabavi of MKS Finance, said that gold has been seeing a bit of demand coming out of the woodwork. Nabavi said that demand is not huge, but it was better that it has been previously and, since Monday, flows of gold scrap have been very, very low. Nabavi added overall, it feels as though we may have found a base for gold at the moment and now we have to try the higher end of the range at $1,775/80 an ounce.
Silver prices also edged higher on Thursday. At last check, spot silver was trading around $34 an ounce.
In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.09% to $32.92, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.16% to $56.40.
The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, was up 0.22% to $41.25 at last check on Thursday.
Platinum and palladium also gained on Thursday. At last check, spot platinum was trading 0.5% higher at $1,675.99 an ounce, while spot palladium was trading 0.2% higher at $647.47 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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