Gold Prices Settle Higher; Silver Prices also Gain
Gold prices settled higher in trading on Wednesday as a sharp rise in crude oil prices boosted the precious metal’s inflation-hedge appeal. Silver prices also edged higher in trading on Wednesday.
Spot gold rose 0.3% to $1,730 an ounce, while gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $5.30 higher at $1,730.10 an ounce.
Gold rose after Brent crude futures jumped more than 1% amid rising geopolitical tensions in Middle East. Higher grain prices also gold on Wednesday.
The precious metal also benefited from uncertainty in the euro zone. Meanwhile, the ongoing worries over the fiscal cliff have also boosted gold’s safe-haven appeal.
Speaking to Reuters, Edward Meir, a metal analyst at INTL FCStone, said that his short-term outlook continues to call for further gains in gold; however he would not be surprised by a rather substantial correction once a fiscal-cliff agreement is reached.
Silver prices also gained on Wednesday, with spot silver climbing nearly 1% to $33 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up0.67% to $31.61, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.22% to $51.61, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.28% to $44.
Platinum and palladium rose sharply for a second day in a row. At last check, spot platinum was trading at 0.2% higher at $1,584.70 an ounce, while spot palladium was trading up more than 1% near $640 an ounce. Palladium hit a session high of $647.22 an ounce on Wednesday.
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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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