{"id":39053,"date":"2012-12-18T03:17:00","date_gmt":"2012-12-18T03:17:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-gain-marginally\/39052\/"},"modified":"2012-12-18T03:17:00","modified_gmt":"2012-12-18T03:17:00","slug":"gold-prices-gain-marginally","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-gain-marginally\/39053\/","title":{"rendered":"Gold Prices Gain Marginally"},"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> inched higher on Monday after New York Fed\u2019s gloomy manufacturing index resulted in some short covering; however, gains were capped as optimism over possible early agreement in Washington following fruitful talks over the weekend as to the issue of \u201cfiscal crisis\u201d cut metal\u2019s safe-haven bets.<\/p>\n<p><span id=\"more-39053\"><\/span><\/p>\n<p>Earlier during the day, the yellow metal got some support after Japan\u2019s new Prime Minister, Shinzo Abe, called for further economic stimulating measures.<\/p>\n<p>\u201cThis week may in fact already see the Bank of Japan increasing its bond purchasing program yet again, for election winner Abe (LDP) plans, among other things, to kick-start the economy and beat deflation by implementing aggressive monetary policy,\u201d wrote analysts at Commerzbank.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> futures for February delivery inched up $1.20 an ounce or 0.1 percent to close at $1,698.20, having earlier dropped as low as $1,687.50 an ounce. However, the metal recovered some of its lost ground after New York\u2019s Fed Empire State Manufacturing Survey, a measure on manufacturing activities, showed a reading of minus 8.1 in December even as economists\u2019 consensual estimate was of minus 1.0 reading, resulting in some short covering.<\/p>\n<p>Speaking to MarketWatch, Darin Newsom, senior analyst at Telvent DTN,said, \u201cWe did see a bit of short-covering come into the gold market &#8230; normally how [investors] would react to a bearish economic report.\u201d<\/p>\n<p>Spot gold was mainly flat, trading near $1,696 an ounce.<\/p>\n<p>A data provided by Reuters showed that the trading volume in gold futures was below 30-day-moving-avergae.<\/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 0.19% higher at $164.46.<\/p>\n<p>Fiscal cliff, a series of automatic spending cuts and tax hikes, could potentially submerge the U.S. economy back into recession should the lawmakers fail to reach a consensus over how to bring down nation\u2019s fiscal deficit by the yearend. That is the reason why investors have backed off from the bullion market lately as lack any tangible development arising out of talks in Washington, weighed on the sentiment, discouraging inflation hedge bids\u2014regardless of <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>\u2019s ongoing quantitative easing.<\/p>\n<p>Just last week, the Fed after concluding its FOMC, announced\u00a0 $45 billion worth monthly bond purchase program as long as unemployment level came down to 6.5 percent on top of its $40 billion monthly mortgage-backed asset purchase program, announced in September, sparking a small rally as investors increased inflation-hedge bids, in the backdrop of central bank\u2019s inflationary monetary policy.<\/p>\n<p>Nevertheless, the gains were quickly eroded as funds, taking advantage of sudden jump in prices, chose to book profits before the yearend while continued wrangling among congressional leaders raised fears that U.S. economy could drift edged towards the edge of \u2018fiscal cliff\u2019, putting pressure on gold prices and broader asset classes.<\/p>\n<p>However, global markets cheered the latest development in Washington, after house speaker John Boehner, said over the weekend that the Republicans were ready to increase taxes on wealthy Americans, removing one big hurdle for further advancement of talks.<\/p>\n<p>Although investors diluted some safe haven bids following little progress made by lawmakers in Washington, many argue that averting U.S. \u2018fiscal cliff\u2019, in fact augurs well for gold prices. This is because; business sentiment will improve significantly once lawmakers find ways to avoid drastic automatic spending cuts, which will result in better performance by equities. And gold, even though considered as safe-haven asset, has tended to track riskier assets, recently.<\/p>\n<p>Moving to some other precious metal markets, palladium futures for March delivery edged down 0.5 percent to settle at $698.30 an ounce while platinum futures January contract slipped 0.4 percent to close at $1,608.50 an ounce.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> futures for March delivery inched down 0.1 percent to end day at $32.28 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\/20121219081111\/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-gain-marginally%2F39053&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\/oracle-shares-edge-higher-on-q2-results-orcl\/39114\">\nOracle Shares Edge Higher on Q2 Results (ORCL)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-nosedive-over-2-percent\/39112\">\nGold Prices Nosedive Over 2 Percent<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-december-18\/39109\">\nMarket Update After Hours December 18<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-for-a-second-straight-day-7\/39097\">\nStocks End Higher for a Second Straight Day<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-fall-sharply-silver-prices-also-tumble-6\/39095\">\nGold Prices Fall Sharply; Silver Prices also Tumble<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-in-green-in-late-trading-4\/39093\">\nStocks in Green in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/2013-will-mark-the-beginning-of-a-new-era-for-jefferies-jef\/39080\">\n2013 will mark the beginning of a new era for Jefferies &#8211; JEF<\/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\/20121219081111im_\/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 inched higher on Monday after New York Fed\u2019s gloomy manufacturing index resulted in some short covering; however, gains [&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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