Gold Prices Settle Slightly Higher; Silver Prices Gain
Gold prices finished slightly higher in trading on Wednesday after trading flat for most of the day. Gold has come under pressure in the last few trading sessions as the U.S. dollar has strengthened amid rising concerns over the euro zone debt crisis and global economic growth.
At last check, spot gold was trading nearly flat at $1,763 an ounce. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange settled $0.10 higher at $1,765.10 an ounce.
Speaking to Reuters, James Steel, metals analyst at HSBC, said that additional monetary policy easing in the U.S. and other countries is no longer fresh news, and so he does not expect further significant buying of gold based on monetary policy accommodation alone.
Silver prices also edged higher in trading on Wednesday. At last check, spot silver was trading 0.44% higher at $33.99 an ounce.
In late trading on Wednesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.43%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.93%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 0.99%.
Platinum and palladium fell on Wednesday. At last check, spot platinum was trading 0.71% lower at $1,667.75 an ounce, while spot palladium was trading 0.54% lower at $649 an ounce. Palladium slipped after a report from the China Association of Automobile Manufacturers (CAAM) showed that vehicle sales in China fell in the month of September.
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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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