Stock Market Watch

Gold Prices Up, Silver Prices Slip

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Gold futures extended gains during Asian trading hours on Monday amid rising speculation that the Silver prices edged lower in early trading on Monday.

At last check, gold futures for December delivery gained 0.31% to $1,375.20 an ounce while spot gold slipped 0.14% to $1,373.93 an ounce.

Silver futures edged down 0.29% to $23.30 an ounce.

Bullion clocked its best weekly performance since last one month on Friday as series of weaker-than-expected U.S. economic data releases showed that the economic momentum was slowing.

Excluding the job market data (weekly jobless claims), all other economic indicators such as the producer price index, manufacturing activities both the in the mid-Atlantic region and New York State as well as consumer sentiment were very tepid.

Top Fed Officials such as Atlanta’s Fed President Dennis Lockhart and St. Louis Fed President James Bullard also stopped short of offering any definitive outlook over the bond purchase program, (QE3’s pullback).

While Lockhart said that the economic indicators in the recent past were very uneven, Bullard showed concerns over lack of inflationary pressure.

A data provided by Reuters showed that bullion prices have headed upwards for eight out of last nine sessions. Weakness in the U.S. dollar, improvement in the physical side demand from China, short coverings- all have supported the metal, pushing prices up 8% in last one week.

The SPDR Gold Trust (ETF) (NYSE: GLD), which has witnessed outflows since Nov. 2012, reported first weekly increase last week. The holdings of the fund, which is world’s largest gold-backed ETF, rose by 0.4% to 915.32 tons, according to Reuters.

 

 








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edliston
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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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.

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