Gold Prices Settle Higher; Silver Prices Rally
Gold prices edged higher on Monday after trading in a tight range for most of the day. Silver prices, meanwhile, rose sharply on Monday. Platinum prices rose sharply for third straight session amid worries over supply.
Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled higher at $1,623 an ounce, the highest settlement price since mid-June, according to data from FactSet. The precious metal touched an intra-day high of $1,624.50 an ounce.
Gold prices once again traded in a tight range as investors wait for clues on further monetary easing from Federal Reserve. Investors are hoping that the Fed will hint at further monetary easing during the central banks’ meeting in Jackson Hole at the end of this month.
Platinum prices surged for third consecutive tension amid concerns over supply due to violence at Lonmin PLC’s mine in South Africa. Platinum for October delivery rose 1.7% to settle at $1,461 an ounce on Monday.
Palladium also gained, with September futures for the metal settling 0.4% higher at $607.70 an ounce.
Silver prices rallied on Monday, with silver for delivery in September adding 2.1% to $28.59 an ounce.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 2.68%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 5.36%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 5.38%.
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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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