{"id":37259,"date":"2012-11-09T03:51:00","date_gmt":"2012-11-09T03:51:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-advance\/37257\/"},"modified":"2012-11-09T03:51:00","modified_gmt":"2012-11-09T03:51:00","slug":"gold-prices-advance","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-advance\/37259\/","title":{"rendered":"Gold Prices Advance"},"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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> edged up on Thursday as growing fears over how a divided Congress would reach an agreement over trimming the U.S. fiscal deficit, failure of which could seriously damage the U.S. economy, increased metals\u2019 safe haven appeal while unchanged record low benchmark <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> kept by the European Central Bank (ECB) and the Bank of England (BOE) bolstered metal\u2019s inflation-hedge allure in the mid to long run.<\/p>\n<p><span id=\"more-37259\"><\/span><\/p>\n<p>U.S. <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> futures for December delivery gained 0.7 % or $ 12 an ounce to settle at $1,726 while spot gold was up 1 % higher, trading at $1,733 an ounce.<\/p>\n<p>Amid rising uncertainty over the issue of \u2018fiscal cliff\u2019, global investors are liquidating riskier assets such as equities and commodities, seeking safety in gold and the U.S. dollar. Fiscal cliff, which refers to automatic spending cuts and increase in taxes, estimated at $600 billion could potentially push the U.S. economy into recession if the lawmakers in Washington does not reach to an agreement over how to bring down the nations\u2019 fiscal deficit by the year end.<\/p>\n<p>Growing fears over macroeconomic uncertainty were evident on Wednesday when all major benchmark indexes in the U.S. slumped over 2 percent.<\/p>\n<p>In a note to clients, Fawad Razaqzada, a technical analyst at GFT Markets, wrote, \u201cGiven Wednesday\u2019s vicious sell-off in the equity markets, the gains in gold and <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> suggest they are once again viewed by some as safe- haven investment vehicles rather than risk assets.\u201d<\/p>\n<p>Afshin Nabavi, head of trading at MKS Finance, said that gold\u2019s key resistance in the near term was likely to be at $1,730 and gradually it will be at $1,750 and $1,800.<\/p>\n<p>Adding some support to gold prices was the latest interest rate policy statements from the ECB and BOE. Both banks kept the benchmark interest rate unchanged. While ECB kept interest rate at 0.75% the BOE continued with base rate of 0.5%, which was not surprising according to financial markets.<\/p>\n<p>An environment of low interest rate and excessive currency printing (Fed\u2019s quantitative easing) augurs well for gold prices as fears of currency debasement burnishes metal\u2019s inflation-hedge appeal.<\/p>\n<p>\u201cWe will continue with support around $1,700 and $1,680, but before the end of the year gold should gradually rise, because we have liquidity (quantitative easing), and low yields,\u201d said Andrey Kryuchenkov, analyst with VTB Capital while speaking to Reuters.<\/p>\n<p>\u201cGold is displaying relative strength and living up to its reputation as a store of value and a safe haven,\u201d wrote analysts at Commerzbank .<\/p>\n<p>Nevertheless, a firmer U.S. dollar continues to limit gold gains. On Thursday the euro tumbled to a two month low against the U.S. dollar in the wake of fragile economic environment in the troubled 17-nation monetary union.<\/p>\n<p>The ICE Dollar Index, a measure on U.S. Performance against a basket of six major currencies, inched up to 80.818 on Thursday from 80.781 in late North American trading on Wednesday.<\/p>\n<p>As commodities are internationally priced in U.S. dollars, any strength in the greenback deters the demand from those traders who deal in foreign currencies.<\/p>\n<p>Meanwhile, investors\u2019 interest in gold backed exchange traded funds continued to soar in November. A data provided by Reuters showed that holdings of SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), world\u2019s biggest gold backed exchange traded fund, reached at 1,337.205 tons as of November 7, having peaked at 1,340.521 tons\u00a0\u00a0 in early October.<\/p>\n<p>In some other precious metal markets, silver gained 1.7 % to close at $32 an ounce. Spot platinum inched up 0.1% to settle at $ 1,540 an ounce while spot palladium edged up 0.7% to end the day at $613 an ounce.<\/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 = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20121110183135\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-advance%2F37259&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=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-posts-over-3-weekly-gains\/37329\">\nGold Prices Settle Higher, Posts Over 3% Weekly Gains<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-november-9-2\/37328\">\nMarket Update After Hours November 9<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-marginally-higher-6\/37309\">\nStocks End Marginally Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-silver-prices-also-gain-14\/37308\">\nGold Prices Settle Higher; Silver Prices also Gain<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-holding-on-to-gains-in-late-trading-13\/37306\">\nStocks Holding on to Gains in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-in-green-in-mid-day-trading-17\/37303\">\nStocks in Green in Mid-Day Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/warner-chilcott-wcrx-reports-operating-results-for-the-quarter\/37291\">\nWarner Chilcott &#8211; WCRX &#8211; Reports Operating Results for the Quarter<\/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:\/\/web.archive.org\/web\/20121110183135im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/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 edged up on Thursday as growing fears over how a divided Congress would reach an agreement over trimming [&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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3032],"tags":[2614],"class_list":["post-37259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold","tag-gldc"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/37259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=37259"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/37259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=37259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=37259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=37259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}