Gold Prices Settle Lower; Silver Prices also Edge Lower
Gold prices slipped in trading on Tuesday. However, the losses were limited due to some safe-haven buying. Silver prices, meanwhile, also fell on Tuesday.
Gold pared initial losses after European Union officials said that Greece is unlikely to be able to repay its debts and further debt restructuring may be required.
At last check, spot gold prices were flat at $1,577 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange slipped $1.20 to settle at $1,576.20 an ounce.
Jonathan Jossen, an independent COMEX gold options floor trader, told Reuters that gold is most likely taking its cues from the euro-dollar. Jossen said that volume is pretty decent suggesting there are good underlying bids here.
Physical demand for gold, meanwhile, remains weak. Demand has been weak in both, India and China, two of the biggest consumers of gold.
Silver prices also slipped on Tuesday. At last check, spot silver was down 0.50% to $27 an ounce.
In late trading on Tuesday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.38%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.79%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.06%.
In other precious metals, platinum and palladium also fell on Tuesday. At last check, spot platinum was down 0.7% to $1,382 an ounce, while spot palladium was down 1% to $560 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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