Gold Prices Slip; Silver Prices also Fall
Gold prices edged lower in trading on Friday as investors continued to take safe haven bets off the table amid improving outlook for the global economy. Silver prices also fell on Friday.
Gold slipped on Friday after the European Central Bank (ECB) said that the region’s banks would repay 182 billion euros in cheap loans, a sign that the euro zone banking system is in a significantly better position now. Strong economic data from Germany also boosted investors’ risk appetite.
Speaking to Reuters, Ole Hansen, Vice President at Saxo Bank, said that Europe is suddenly in vogue and those who bought gold as a hedge against it are getting out and into equities instead. Hansen said that if he were a hedge fund, he would sit on his hands and wait for a break of $1,700 as the precious metal could easily see lower levels before stabilizing.
At last check on Friday, spot gold was trading 0.5% lower at $1,659 an ounce. Gold prices in euros dropped to an eight-month low on Friday. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange fell $13.30 to settle at $1,656.60 an ounce.
Silver prices also slipped on Friday, with spot silver falling 1% to $31 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 1.60% to $30.16, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 3.25% to $46.14, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 3.16% to $46.66.
Platinum and palladium edged higher on Friday, with spot platinum gaining 0.6% to $1,688 an ounce and spot palladium gaining 1.9% to $738 an ounce.
More Posts by this author
- Big Furloughs Are On the Way, If Sequestration Comes into Effect
- Hasbro to Slash 10% Workforce in Fiscal 2013, Revenue Outlook for 2012 Misses Street’s Forecast (HAS)
- Oshkosh Boosts 2013 Earnings Guidance, Shares Rally Almost 19% (OSK)
- Gold Prices Fall as Safe Haven Appeal Weighed Down by Improving Euro Zone Economy
- Market Update After Hours January 25
- Stocks End Higher; S&P 500 Closes Above 1,500
- Gold Prices Slip; Silver Prices also Fall
 |
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.
|
