Gold and Silver Prices Edge Higher as Dollar Weakens

By / / Business News


Gold and silver prices have edged higher in trading today as the U.S. dollar weakened following some downbeat economic data. Gold reversed earlier losses and is now headed for a weekly gain.

At last check, spot gold was trading 0.98% higher at $1,673.70 an ounce. Gold futures for delivery in June on the Comex division of the New York Mercantile Exchange are currently trading 0.86% higher at $1,674.60 an ounce.


Andrey Kryuchenkov, analyst at VTB Capital, told Reuters that it is good that gold has bounced back up. Kryuchenkov further said that he doesn’t expect sustained losses but neither does he expect sustained gains.

Gold has also benefited from a modest rise in the euro today as fears about Spain’s debt problem eased a little.

Peter Tse, Director at ScotiaMocatta in Hong Kong, meanwhile, told Reuters that the comments from European Central Bank Executive Board member Benoit Coeure has stabilized the stock market and the euro, but the prospect in the euro zone still remains grim with yields in Spain  and Italy trading at relatively high levels.

Silver prices have also edged higher in mid-day trading, with silver futures rising more than 1%.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 2.61% higher at $31.46, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 5.21% higher at $54.53, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 5.18% lower at $10.43.

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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.


Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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