Gold Prices Settle Slightly Higher; Silver Prices Rise Sharply
Gold prices finished slightly higher on Monday as investors remained cautious ahead of crucial central bank meetings later this week. Silver prices, meanwhile, rose sharply in trading on Monday.
Gold prices had risen 2.5% last week, its biggest weekly gain in nearly two months. The precious metal was lifted by hopes of further monetary easing from the Federal Reserve and comments from European Central Bank (ECB) President Mario Draghi.
Speaking to Reuters, George Gero, Vice President at RBC Capital Markets, said that should we not pass upwards of $1,640 an ounce, should we get Fed disappointment of doing little prior to September, we could have a good setback.
The Federal Reserve will begin its two-day monetary policy meeting on Tuesday. The ECB and the Bank of England are scheduled to hold their monetary policy meetings on Thursday.
Ahead of the crucial meetings, spot gold prices rose 0.03% to $1,623.35 an ounce on Monday. Meanwhile, gold futures for delivery in August settled $1.70 higher at $1,619.70 an ounce.
In other precious metals, silver prices rose 1.7% to $28.20 an ounce. Silver is on track for its first monthly after posting four straight monthly losses.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was trading 1.35% higher at $27.33, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was trading 2.67% higher at $39.67, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was trading 2.82% lower at $63.33.
Platinum and palladium also edged higher on Monday. At last check, spot platinum was trading 0.74% higher at $1,412.99 an ounce, while spot palladium was up 2.26% to $585.14 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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