Gold Prices Settle Higher; Silver Prices Slip
Gold prices settled higher on Friday, but failed to post a weekly gain. Silver prices slipped on Friday, while platinum futures surged as violence at a South African mine escalated.
Gold futures for delivery in December rose $0.20 to settle at $1,619.40 an ounce on Friday. Gold prices fell 0.2% for the week.
In recent weeks, gold prices have been sensitive to central banks’ moves. Prices have tended to rise whenever there is increased expectation of further monetary easing from global central banks. The precious metal has also traded in a tight range as investors wait for the August 31 meeting of central bankers in Jackson Hole, Wyoming.
Gold prices have also failed to gain any momentum due to lower demand for the precious metal in India and China, the two biggest consumers of gold.
In other precious metals, platinum prices surged on Friday as violence escalated between miners working at Lonmin PLC’s platinum mine in South Africa and police. According to media reports, 30 people have been killed in the violence.
Concerns over the supply disruptions due to the confrontation between miners and police pushed platinum futures for October delivery 2.6% higher to $1,473.10 an ounce. Platinum futures rose $39 an ounce on Thursday.
Palladium futures for September delivery gained 3.7% to settle at $605.10 an ounce.
Silver prices slipped on Friday. Silver futures for September delivery fell 0.7% to $28 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.58%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.06%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.04%.
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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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