Stock Market Watch

Gold Prices Settle Higher; Silver Prices Rally

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Gold prices edged higher in trading on Monday as concerns over a hung parliament in Italy boosted the precious metal’s safe haven appeal. However, gains were limited as investors wait for Silver prices, meanwhile, rallied in trading on Monday.

At last check on Monday, spot gold was trading 0.6% higher at $1,589 an ounce. Earlier in the day, spot gold prices rose to $1,594.20 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange settled $13.80 higher at $1,586.60 an ounce.

Speaking to Reuters, Afshin Nabavi, Head of Trading at MKS Capital, said that prices started firmer on Monday, but technically they are struggling to go through resistance between $1,595 and $1,600 where support was pegged before the sell-off last week. Nabavi further said that markets are looking for directions and support seen earlier from a stronger euro was missing on Monday.

Silver prices rallied on Monday, with spot silver gaining nearly 2% to trade at around $30 an ounce.

In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 1.01% to $28.11, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.92% to $39.88, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 2.07% to $53.06.

Platinum and palladium also edged higher. At last check, spot platinum was trading 0.3% higher at $1,610 an ounce, while spot palladium was trading 0.80% higher at $742 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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