Gold Prices Slip; Silver Prices also Drop
Gold prices slipped in trading on Thursday as investors moved out of the precious metal amid ongoing worries over the euro zone debt crisis. Silver prices also edged lower in trading today.
The focus was on the euro zone on Thursday as European leaders kicked off a two-day EU summit in Brussels. Expectations ahead of the summit have been low as Germany has not shown any enthusiasm for a fiscal and banking union in the euro zone.
German Chancellor Angela Merkel continues to reject the idea of euro bonds to tackle the debt crisis, which is favored by France, Spain and Italy.
The continuing uncertainty in the euro zone has put pressure on gold, which in recent weeks has behaved more like a risk asset than a safe haven asset. Gold prices slipped today amid a sell-off in the equity markets.
At last check, spot gold prices were down 1.46% to $1,551.40 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange slipped $1.7% to $1,551 an ounce.
Silver prices also edged lower in trading on Thursday. At last check, spot silver was down 2.49% to $26.24 an ounce.
At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was down 2.22% to $25.55, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 4.37% to $35.04, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 4.45% to $73.88.
More Posts by this author
- American Greetings Q1 Earnings Fall (AM)
- Stocks End Q2 on a Strong Note as EU Deal Lifts Sentiments
- Gold Prices Rally on EU Deal; Silver Prices also Surge
- Stocks Continue to Surge
- U.S. Stocks Continue to Rally on EU Confidence Boosting Measures
- Constellation Brands – STZ – To Acquire Remaining 50 Percent Interest in Crown Imports Joint Venture
- HollyFrontier Corporation – HFC – $350 Million Share Repurchase Program
 |
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.
|
