Gold Prices Settle Marginally Lower; Silver Prices also Slip
Gold prices finished marginally lower in trading on Friday as investors remained cautious amid increasing doubts over the longevity of the Silver prices also edged lower in trading on Friday.
On Friday, the Commerce Department released a report that showed the U.S. economy grew 2% in the third quarter. The third-quarter GDP data came in ahead of expectations and has once again raised questions about how long the Fed will continue with its bond buying program.
Speaking to Reuters, Jeffrey Sica, Chief Investment Strategist Officer at SICA Wealth, said that he doesn’t believe gold is able to rally off of the GDP data for now. Sica noted that gold is a momentum asset and its momentum is not there right now.
At last check on Friday, spot gold was flat at $1,711 an ounce. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange, meanwhile, settled $1.10 lower at $1,711.90 an ounce.
Silver prices also slipped on Friday. At last check, spot silver was trading 0.1% lower at $32 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.16%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.46%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 0.13%.
Platinum and palladium also fell on Friday. At last check, spot platinum was trading 1.3% lower at $1,540 an ounce, while spot palladium was trading 1.2% lower at $594 an ounce.
More Posts by this author
- Merck & Co Q3 Earnings Beat Estimates (MRK)
- Gold Prices End Marginally Lower
- Stocks End on a Mixed Note; Finish Lower for the Week
- Gold Prices Settle Marginally Lower; Silver Prices also Slip
- Stocks Headed for a Higher Finish
- Stocks in Red in Mid-Day Trading
- XPO Logistics – XPO – Acquires OHL’s Turbo Logistics
 |
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.
|
