Gold Prices Settle Lower; Silver Prices Finish Marginally Higher
Gold prices edged lower in trading on Wednesday following two straight sessions of gains. Silver prices, meanwhile, settled marginally higher. Platinum continued to rally on Wednesday, rising for a seventh consecutive session.
Gold for delivery in February on the Comex division of the New York Mercantile Exchange fell $0.70 to settle at $1,683.20 an ounce.
Gold slipped on Wednesday even as Thomson Reuters GFMS Gold Survey forecast that investment demand will drive average gold prices to a record in the first half of 2013. Thomson Reuters also noted that gold investment rose to record levels in dollar terms last year.
Silver prices rose marginally on Wednesday, with March silver futures finishing $0.01 higher at $31.54 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.43% to $30.49, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.77% to $47.24, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.72% to $45.76.
Platinum prices rose on Wednesday, extending their gains to a seventh straight session, amid concerns over supply. At last check, spot platinum was trading 0.4% higher at $1,685 an ounce. On Tuesday, spot platinum hit a three-month high of $1,699.50 an ounce after Anglo American Platinum said that it will suspend operations at some of its mines. Platinum futures for April delivery gained 0.3% to $1,694.10 an ounce.
Palladium futures for March delivery rose 1.8% to $726.45 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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