Gold Prices Settle Lower; Silver Prices also Fall
Gold prices fell in trading on Monday, hitting a one-month low, as investors continued to pull money out of safe haven assets. Silver prices also fell sharply on Monday.
With most markets in Asia closed on account of Lunar New Year holiday, trading activity was thin on Monday. At last check, spot gold was down over 1% to $1,648 an ounce, the lowest level since January 7. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange fell $17.80 to settle at $1,649.10 an ounce.
Speaking to Reuters, Adrien Biondi, Head of Precious Metals Trading at Commerzbank, said that there is less liquidity in the market this week with fewer traders due to the Asian holidays and also absence in some parts of Europe like Germany, where there are carnival celebrations this week.
Tobias Merath, Global Head of Commodity Research at Credit Suisse, told Reuters that the market is seeing some outflows from ETFs and there is some general profit-taking.
Silver prices also fell sharply on Monday, with spot silver falling around 1.2% to $31.01 an ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 1.45% lower at $29.99, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 3.05% lower at $45.51, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 3.07% higher at $46.93.
Platinum and palladium also inched lower. At last check, spot platinum was trading 0.7% lower at $1,716 an ounce, while spot palladium was trading 0.7% lower at $747.50 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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