{"id":45708,"date":"2013-07-08T08:10:00","date_gmt":"2013-07-08T08:10:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-gain-sharply\/45696\/"},"modified":"2024-08-25T18:09:16","modified_gmt":"2024-08-25T18:09:16","slug":"gold-and-silver-prices-gain-sharply","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-gain-sharply\/45708\/","title":{"rendered":"Gold and Silver Prices Gain Sharply"},"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:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> recovered from initial losses to climb more than one percent during Asian trading hours on Monday as some bargain hunting for cash gold supported the demand; nevertheless, overall sentiment remains very bearish, reflected by dwindling holdings in gold-backed ETFs. In addition, doubt over whether the metal has \u201cbottomed-out\u201d, is also keeping investors in sidelines. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver prices<\/a> also rose sharply in early trading on Monday.<\/p>\n<p><span id=\"more-45708\"><\/span><\/p>\n<p>Speaking to news reporters on Monday, Michael Haigh, managing director at Societe Generale said, \u201cWe&#8217;re predicting gold will continue to drop year after year roughly by $100 on average each year\u201d, according to Reuters.<\/p>\n<p>At last check, U.S. gold futures for August delivery climbed 1.43% to $1,230.00 an ounce while spot gold gained 0.69% to $1,231.71 an ounce.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> futures added 1.76% to $19.06 an ounce.<\/p>\n<p>Earlier today, gold prices continued to fall as fears over early tapering of the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>\u2019s multi-billion dollar bond purchase program (quantitative easing), prompted investors to close positions on inflation-hedge bets. On Friday, the Labor Department\u2019s monthly non-farm payrolls report showed that the U.S. economy added 195,000 new jobs in June compared to economists\u2019 expectation for 165,000 new additions.<\/p>\n<p>The data release immediately weighed on gold prices even as U.S. dollar climbed sharply against major traded currencies.<\/p>\n<p>\u201cThe jobs report is pulling gold prices down,\u201d said Peter Fung, head of dealing at Hong Kong&#8217;s Wing Fung Precious Metals while speaking to Reuters.<\/p>\n<p>\u201cSome physical buying interest supported prices earlier but we could test $1,200 again today,\u201d added Fung.<\/p>\n<p>SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>), the world&#8217;s largest gold-backed ETF, reported that its holdings fell to a four-year low of 961.99 tons on Friday.<\/p>\n<p>Gold, which is regarded as a hedge against inflation, has tumbled about 23% in the second quarter of this year and 10% since mid-June as investors believe that the pullback of the gold-supportive QE3 is imminent, given the fact that the U.S. economy has been showing signs of significant improvement.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-gain-sharply\/45708\" data-title=\"Gold and Silver Prices Gain Sharply\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130712232923js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-post-gains-for-the-week-2\/45881\"><br \/>\nStocks End Higher; Post Gains for the Week<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-marginally-lower-silver-prices-also-slip-2\/45879\"><br \/>\nGold Prices Settle Marginally Lower; Silver Prices also Slip<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-almost-flat\/45876\"><br \/>\nStocks Almost Flat<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-slightly-higher-in-early-trading\/45871\"><br \/>\nStocks Slightly Higher in Early Trading<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-bounces-back-but-the-dollar-index-is-down-for-the-week\/45866\"><br \/>\nForex Market Update: Dollar Bounces Back But the Dollar Index is Down For the week<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-retreat\/45862\"><br \/>\nGold and Silver Prices Retreat<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stock-futures-slightly-higher\/45860\"><br \/>\nU.S. Stock Futures Slightly Higher<\/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:\/\/web.archive.org\/web\/20130712232923im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/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>\n<script type=\"text\/javascript\"\nsrc=\"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>Gold prices recovered from initial losses to climb more than one percent during Asian trading hours on Monday as some [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"closed","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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