{"id":32226,"date":"2012-08-11T04:45:00","date_gmt":"2012-08-11T04:45:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-gain-1-for-the-week\/32203\/"},"modified":"2012-08-11T04:45:00","modified_gmt":"2012-08-11T04:45:00","slug":"gold-prices-settle-higher-gain-1-for-the-week","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-gain-1-for-the-week\/32226\/","title":{"rendered":"Gold Prices Settle Higher, Gain 1% for the Week"},"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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> settled higher on Friday, posting second successive weekly gains as extremely dry weather in the Midwest region resulted in corn and sugarcane prices touching its record high, threatening inflation; while weak trade data from China also sparked some rally in bullion amid rising expectations of monetary easing from Chain\u2019s central bank.<\/p>\n<p><span id=\"more-32226\"><\/span><\/p>\n<p>Earlier, on Friday, the U.S. government announced that the country is witnessing a severe draught this summer\u2014a worst in more than last 50 years. As a result, food prices have been spiraling at a record pace. U.S., one of the world\u2019s biggest producers and exporter of soybean and corn is expecting huge losses as unusually dry summer damaged crops.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--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>On Friday, the futures on corn hit a record high before retreating somewhat. Already some of the other major agricultural products exporting countries such as Brazil and Russia are facing erratic climate. There is fear that falling production could once again stoke food price inflation\u2014which in turn could benefit <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> as its inflation-hedge appeal will burnish.<\/p>\n<p>Besides, a data from China\u2014the trade figures for July\u2014pointed that country\u2019s economy was struggling to keep up its momentum as global economic slowdown, more particularly the euro zone debt crisis shrunk China\u2019s export and import orders for the period. Expectations are widespread that People\u2019s Bank of China will swing into action by providing another round of monetary easing, aimed at boosting the economy.<\/p>\n<p>Just a day before China\u2019s factory output data and consumer price index also turned out weaker-than-expected.<\/p>\n<p>Nonetheless, for the entire week the trading volume in gold futures was very low. The European Central Bank (ECB), although hinted at another round of bond buying program, stopped short of taking any action this week, prompting clueless investors to stay in sidelines. In the U.S., volume on U.S. gold futures was nearly 40-50% below the standard (30 days moving average) as bullion investors wait for the fed\u2019s next meeting on August 31, in Jackson Hole, Wyoming.<\/p>\n<p>A data provided by Reuters showed that trading volume on Friday was about 111,000 lots approximately 30% lower than 30 days moving average.<\/p>\n<p>Spot gold\u00a0inched higher 0.2 percent to close at $1,620.60 an ounce, having earlier touched its intra-day low at $1,605.20.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) ended the day 0.15% higher at $157.22.<\/p>\n<p>On weekly basis, the yellow metal gained 1% amid growing expectations of monetary easing from China\u2019s central bank.<\/p>\n<p>U.S. gold futures\u00a0added $2.60 to settle at $1,622.80 an ounce.<\/p>\n<p>Commenting over gold\u2019s strong show this week, Jeffery Sica, chief investment officer at SICA Wealth Management, said to Reuters, \u201cGold is up mainly because of the weak manufacturing numbers in\u00a0China, suggesting that there is a pretty strong indication we are going to see more quantitative easing there.\u201d<\/p>\n<p>However, Sica warned that <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> could slide as the fed will be extremely cautious in providing another round of quantitative easing. This is because; soaring corn and soybean prices can result in inflation and the central bank, in an effort to keep control over the inflation might shove off its monetary easing plans.<\/p>\n<p>In September 2011, gold touched its peak at $1,920 an ounce as deteriorating debt crisis in the euro zone, high commodity prices and expectations of monetary easing from central banks burnished the yellow metal\u2019s safe haven appeal.<\/p>\n<p>Moving onto some other precious metal markets, <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a>\u00a0moved up marginally by 0.1 percent to settle at $28.12 an ounce.<\/p>\n<p>Platinum\u00a0edged down 0.7 percent to $1,395.64 and its sister metal palladium\u00a0inched lower 0.1 percent to $580.22.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120814003140\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fthestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-settle-higher-gain-1-for-the-week%2F32226&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-end-on-a-mixed-note-40\/32288\">\nStocks End on a Mixed Note<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-silver-prices-also-slip-5\/32286\">\nGold Prices Settle Lower; Silver Prices also Slip<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-off-session-lows-but-remain-in-red\/32284\">\nStocks Off Session Lows, but Remain in Red<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/julius-baer-to-acquire-merrill-lynchs-bank-of-america-corp-bac-international-wealth-management-business-outside-the-united-states\/32256\">\nJulius Baer to acquire Merrill Lynch\u2019s Bank of America Corp (BAC) International Wealth Management business outside the United States<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/midstates-petroleum-mpo-to-acquire-mississippian-lime-properties-in-oklahoma-and-kansas\/32263\">\nMidstates Petroleum &#8211; MPO &#8211; To Acquire Mississippian Lime Properties in Oklahoma and Kansas<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/sapiens-sapiens-international-spns-quarter-of-strong-execution\/32264\">\nSapiens Sapiens International &#8211; SPNS &#8211; Quarter of strong execution<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/eagle-rock-eroc-to-acquire-bps-texas-panhandle-midstream-system\/32265\">\nEagle Rock &#8211; EROC &#8211; To Acquire BP&#8217;s Texas Panhandle Midstream System<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\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\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd 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<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<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>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\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\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled higher on Friday, posting second successive weekly gains as extremely dry weather in the Midwest region resulted 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