Gold Prices Settle Higher; Silver Prices Rise Sharply
Gold prices edged higher in trading on Tuesday as concerns over the U.S. debt ceiling issue boosted the precious metal’s safe-haven appeal. Silver prices also rose sharply on Tuesday. Meanwhile, platinum extended its rally from Monday after Anglo American Platinum announced that it will suspend production at several of its mines in South Africa.
At last check on Tuesday, spot gold was trading 0.8% higher at $1,680 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange rose $14.50 to settle at $1,683.90 an ounce.
Speaking to Reuters, Ole Hansen, analyst at Saxo Bank, said that the debt ceiling debate should also offer some support to gold as it once again raises the risk that U.S. growth could be hurt.
Silver prices also gained on Tuesday, with spot silver climbing 1.1% to $31 an ounce.
In late trading on Tuesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 1.13% to $30.38 an ounce, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 2.13% to $46.90, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.87% to $46.20.
Platinum surged for a second straight day after the Anglo American Platinum said that it will suspend production at several of its mines in South Africa. Anglo American Platinum will cut its output by around 400,000 ounces.
At last check, spot platinum was trading 1.4% higher at $1,678 an ounce. Earlier in the day, platinum prices rose to $1,699.50 an ounce.
Palladium also rose sharply on Tuesday. At last check, spot palladium was trading 1.1% higher at $708 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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