Gold Prices Settle Lower; Silver Prices Gain
Gold prices edged lower in trading on Thursday as hopes of further monetary easing from the Federal Reserve faded. Meanwhile, silver prices edged higher on Thursday.
Gold prices slipped as investors digested the minutes of Federal Reserve’s most recent monetary policy meeting. The minutes, which were released on Wednesday, showed that the Fed is not likely to implement additional monetary easing measures anytime soon.
Spot gold prices fell 0.51% to $1,568 an ounce on Thursday. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange, meanwhile, settled $10.40 lower at $1,565.30 an ounce.
Gold prices also came under pressure from a stronger U.S. dollar. The greenback rose to a two-year high against the euro on Thursday.
Even though hopes of further monetary easing have faded, option market activity suggests that investors are expecting the precious metal to recover this month.
Silver prices, meanwhile, edged higher on Thursday. At last check, spot silver was up 0.52% to $27.21 an ounce.
Silver ETFs also rose on Thursday, with the iShares Silver Trust (ETF) (NYSE: SLV) gaining 0.70%, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) gaining more than 1%.
The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, slipped more than 1.50% on Thursday.
Platinum and palladium also slipped on Thursday. At last check, spot platinum was down 0.9% to $1,411 an ounce, while spot palladium was down 0.39% to $575 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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