Gold Prices Settle Lower; Silver Prices also Slip
Gold prices edged lower on Tuesday as the U.S. dollar strengthened amid concerns over global economic growth. Silver prices also slipped on Tuesday.
Gold for delivery in December on the Comex division of the New York Mercantile Exchange settled $10.70 lower at $1,765 an ounce. Gold futures fell to an intra-day low of $1,762 an ounce. The precious metal has now fallen for third straight trading session.
Gold has been under pressure since last Friday after the jobs report for the month of September showed that U.S. unemployment rate fell unexpectedly to 7.8%. The surprise drop in unemployment rate has raised concerns over the longevity of Federal Reserve’s bond buying program, which was announced almost a month ago.
Meanwhile, investors are also concerned over global economic growth. On Tuesday, the International Monetary Fund (IMF) lowered its forecast for global economic growth in 2012 to 3.3%. The downward revision from the IMF boosted the U.S. dollar’s safe haven appeal. On Monday, the World Bank had slashed growth forecasts for East Asian economies
Silver prices also fell in trading on Tuesday. At last check, silver for delivery in December was down $0.03 to $33.99 an ounce.
In late trading on Tuesday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.33% to $32.86, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.60%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 0.51%.
Platinum futures for January delivery settled 0.2% lower at $1,695.30 an ounce, while palladium futures for December delivery settled 0.2% higher at $658.20 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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