Gold Prices Settle Higher; Silver Prices Slip
Gold prices edged higher in trading on Wednesday after the Bank of Japan expanded its bond buying program to boost economic growth. Silver prices, meanwhile, edged lower on Wednesday.
Gold for delivery in December on the Comex division of the New York Mercantile Exchange settled $0.50 higher at $1,771.70 an ounce. Gold futures rose to an intra-day high of $1,781.80 an ounce on Wednesday.
The precious metal gained after Japan’s central bank announced that it would boost the size of its asset purchases by 10 trillion yen to 80 trillion yen in order to spur economic growth. The Bank of Japan’s move comes less than a week after Federal Reserve announced third round of quantitative easing to boost economic growth in the U.S.
In other precious metals, silver slipped on Wednesday. At last check, silver futures for December delivery were down 0.4% to $34.58 an ounce. Silver touched an intra-day high of $35.02 an ounce on Wednesday.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.42%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.86%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.03% to $40.14.
Platinum and palladium also gained Wednesday. Platinum and palladium had fallen sharply in Tuesday’s trading session after reports that the strike at Lonmin Plc’s platinum mine in South Africa had ended.
On Wednesday, platinum for October delivery gained $4.10 to $1,640.40 an ounce. Palladium for delivery in December gained $0.9% to $673.05 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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