Gold Prices Settle Lower; Silver Prices also Slip
Gold prices edged lower in trading on Wednesday, settling at their lowest level since late August, as investors remained on the sidelines ahead of the G20 summit, which will be held later this week in Moscow. Silver prices also slipped on Wednesday.
Speaking to Reuters, Robin Bhar, analyst at Societe Generale, said that although people are not expecting anything dramatic to be said at the G20 meeting, there is still some uncertainty, which may see short-term investors cover their short positions in coming sessions.
At last check on Wednesday, spot gold was trading 0.3% lower at $1,645 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange fell 0.3% to settle at $1,645.10 an ounce.
UBS said in a research note that support from both the investor and speculative community is needed in order for gold to stage a convincing recovery from here, however, the lack of urgent fundamental motivation makes it difficult for gold market participants to muster enough conviction.
Silver prices also slipped in trading on Wednesday, with March silver futures falling 0.5% to settle at $30.87 an ounce.
In late trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 1.08% to $29.77, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 2.14% to $44.86, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 2.06% to $47.55.
Platinum rose on Wednesday, with spot platinum gaining 0.7% to $1,725 an ounce. Palladium, meanwhile, edged lower. At last check, spot palladium was down 0.1% to $768 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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