Gold Prices Settle Lower; Silver Prices also Slip
Gold prices edged lower in trading on Wednesday as hopes of more quantitative easing from the Silver prices also edged lower on Wednesday.
Worries over the euro zone debt crisis resurfaced after German Chancellor Angela Merkel raised concerns about the future of the euro zone even as the International Monetary Fund urged the European Central Bank to play a bigger role in solving the region’s debt crisis.
Spot gold fell 0.5% to $1,575 an ounce on Wednesday. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange slipped $18.70 to settle at $1,570.80 an ounce.
Gold prices also remained under pressure as hopes of more easing from the Fed faded. Testifying before the Congress for a second day, Fed Chairman Ben Bernanke once again did not hint at further monetary easing to stimulate the U.S. economy.
Hopes of more easing were also doused by a strong housing market report. Data released on Wednesday showed that housing starts in June rose to their fastest pace in more than three years.
Silver prices also slipped on Wednesday. At last check, spot silver was down 0.7% to $27 an ounce.
Silver ETFs also fell. At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.42%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.67%.
The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, was up more than 0.6% in late trading on Wednesday.
In other precious metals, platinum and palladium also slipped on Wednesday, with spot platinum falling 0.8% to $1,402 an ounce, and spot palladium falling 1.5% to $571 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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