{"id":22507,"date":"2012-03-10T03:39:00","date_gmt":"2012-03-10T03:39:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-rise-for-a-straight-day\/22507\/"},"modified":"2012-03-10T03:39:00","modified_gmt":"2012-03-10T03:39:00","slug":"gold-prices-rise-for-a-straight-day","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-rise-for-a-straight-day\/22507\/","title":{"rendered":"Gold Prices Rise for a Straight Day"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p>Amid heavy trading, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> gained almost 1% on Friday even as U.S equities and crude oil prices rose following positive news from the U.S. job report.<\/p>\n<p><span id=\"more-22507\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> which was flat for most part of the week following a sharp drop last week, slid a bit on Friday initially as the greenback strengthened further along with market participants\u2019 hope fading over Fed stimulating the U.S. economy any further by quantitative easing.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>However, the metal later staged an impressive comeback as it gained $40, closing at $1,700 an ounce. Bullion\u2019s price volatility has been increasing after the metal plunged 5-percent last Wednesday when Fed Chairman Ben Bernanke stopped short of signaling more easing was on the way.<\/p>\n<p>Speaking to Reuters, Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets, said that investors haven\u2019t completely ruled out quantitative easing by the Fed as the economic growth has been fragile in the U.S and the debt crisis in the euro-zone has not been completely resolved. \u201cEven though the (job) number looks good, there&#8217;s not an overwhelming sense that there&#8217;s going to be great times ahead,&#8221;\u00a0believes Sica. The money manger also said that \u201cAs long as the &#8216;quantitative easing devaluating the dollar scenario&#8217; is present, it will support the price of <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>\u201d.<\/p>\n<p>However, some analysts say that Friday\u2019s better than expected jobs report has dashed hopes of another round of quantitative easing. Ole Hansen, Senior Manager at Saxo Bank, told Reuters that this is another nail in the quantitative easing coffin and as such non-supportive for <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a>. .\u00a0 Hansen also believes that widespread volatility in the bullion market has shaken investors\u2019 faith in the metal. \u201cConfidence has been shaken this week, and it looks like more long liquidation lies ahead\u201d, concluded Hansen.<\/p>\n<p>On the other hand, some analysts believe that bullion has shown resilience in the recent past. For instance, James Steel, chief commodity analyst at HSBC said \u201cGold is showing a lot of resiliency and it may rebound as emerging-market demand is gradually reviving\u201d. Commenting over strong demand for physical gold in emerging markets like India and China, Steel said \u201cDespite the severity of the early steep losses, we have already seen fairly decent buying coming in, and the firm oil prices were helping.\u201d<\/p>\n<p>On Friday, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a><strong> <\/strong>climbed up 0.7 percent on the day to $1,710.81 an ounce, having dropped earlier\u00a0 to a session low of $1,677.34, which was also a six-week low.<\/p>\n<p>Friday\u2019s climb in bullion\u2019s price has wiped out losses from earlier week, to some extent.<\/p>\n<p>Gold initially slid 1 percent following U.S. employers added more than 200,000 workers to their payrolls for a third successive month in February, a sign the economy was recovering.<\/p>\n<p>Nevertheless, despite of gold\u2019s strong comeback, some analysts are more bearish on gold&#8217;s outlook after several sharp pull backs and said the metal could test $1,650 an ounce, an area of support from its earlier correction.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.68% higher at $166.40, the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDX\">NYSE: GDX<\/a>) ended the day 0.13% lower at $53.24, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: IAU) ended the day 0.66% higher at $16.68.<\/p>\n<p>So far this year, the <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold price<\/a> has edged up 9 percent, following on 11 years of successive increases, after the Fed said in January it would keep rates near zero until at least late 2014.<\/p>\n<p>Meanwhile, in some other precious metals markets, platinum\u00a0gained 1.3 percent, settling\u00a0 at $1,679.24 an ounce, and\u00a0palladium<strong> <\/strong>edged up 0.2 percent, closing at $700.72 an ounce.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/bank-of-america-to-cut-down-principal-of-some-mortgages-bac\/22509\"><br \/>\nBank of America to Cut Down Principal of Some Mortgages (BAC)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/new-york-times-paid-former-ceo-24-million-nyt\/22508\"><br \/>\nNew York Times Paid Former CEO $24 Million (NYT)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-rise-for-a-straight-day\/22507\"><br \/>\nGold Prices Rise for a Straight Day<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-ended-higher-for-a-third-straight-day\/22506\"><br \/>\nStocks End Higher for a Third Straight Day<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-rebound-3\/22476\"><br \/>\nGold and Silver Prices Rebound<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-third-straight-higher-finish-3\/22474\"><br \/>\nStocks Headed for a Third Straight Higher Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/novavax-past-year-has-been-transformational-for-the-company-nvax\/22471\"><br \/>\nNovavax &#8211; Past year has been transformational for the company &#8211; NVAX<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>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.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amid heavy trading, gold prices gained almost 1% on Friday even as U.S equities and crude oil prices rose following [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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