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Gold Remain in Red in Mid-Day Trading; Silver Prices Marginally Higher

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Gold prices have remained in red in mid-day trading. Gold is headed for its worst week in three months. Silver prices, meanwhile, are slightly higher in trading currently.

Gold prices have slipped as hopes of further monetary easing from the Federal Reserve faded. The precious metal could fall further after top consumer India said that it would double import duties on bullion, a move that could hurt demand. The Indian finance minister today announced that customs duty on Indian imports of gold and platinum will rise effective March 17.


Afshin Nabavi, head of MKS Finance, told Reuters that we will have to wait and see how the rise in the Indian duty works but from the outlines we are seeing, it will be slightly bearish for gold in the immediate future. Nabavi also said that the market still feels a bit top-heavy and we are still not seeing a lot of demand despite lower prices, so we should have a bit of a further correction on the downside to $1,600 an ounce or even just below.

At last check, spot gold was trading 0.15% lower at $1,655.26 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.28% lower at $1,654.80 an ounce.

Silver prices are marginally higher in mid-day trading. At last check, spot silver was trading 0.18% higher at $32.56 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.41% higher at $31.66, the ProShares UltraShort Silver (ETF) (NYSE: AGQ) is currently trading 0.80% higher at $55.72, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.95% lower at $10.44.

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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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