Gold Prices Settle Lower; Silver Prices also Slip
Gold prices slipped in trading on Monday following three straight days of gains. Silver prices also slipped on Monday.
Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange slipped 0.6% to settle at $1,612.60 an ounce.
The precious metal fluctuated between gains and losses throughout the day as investors remained on the sidelines hoping for further easing measures from global central banks.
Investors’ sentiment was weighed down on Monday by worries over a global economic slowdown. Concerns of a global slowdown were raised after Japan’s second-quarter GDP growth came in below expectations.
Gold’s losses were limited as the U.S. dollar also came under some pressure on Monday. The dollar index, which tracks the performance of the greenback against a basket of six major currencies, fell to 82.402 on Monday.
Silver prices also fell on Monday. Silver futures for delivery in September dropped 1.1% to $27.77 an ounce.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 1.06% to $26.97, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.91%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 2.05%.
In other precious metals, platinum and palladium also fell on Monday. Palladium for September delivery fell 1.3% to settle at $574.70 an ounce. Meanwhile, platinum for October delivery slipped 0.5% to settle at $1,392.80 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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