Gold Prices Settle Lower; Silver Prices also Fall
Gold prices fell in trading on Friday as investors pulled money out of safe-haven assets. Silver prices also fell sharply on Friday.
At last check on Friday, spot gold was trading at around $1,573 an ounce. Spot gold prices fell nearly 2% for the week. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange fell $5.80 to settle at $1,572.80 an ounce.
Speaking to Reuters, Matthew Schilling, Senior Commodities Trader at futures brokerage RJ O’Brien, said that the waning down of the safe-haven play has definitely put pressure on gold as we have seen the risk-on trade into equities for well over a month now.
Gold came under pressure this week as minutes of the Federal Reserve’s most recent monetary policy meeting hinted at an early end to the central bank’s bond buying program. Earlier in the week, gold prices fell to a seven-month low.
Silver prices also fell sharply on Friday. At last check, spot silver was down 1% to $28.40 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 0.36% higher at $27.83, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 0.59% higher at $39.13, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 0.51% lower at $54.18.
Platinum also edged lower on Friday. At last check, spot platinum was trading 0.3% lower at $1,605 an ounce. Palladium, meanwhile, gained 0.75% to trade at around $733 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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