Gold Prices Settle Higher; Silver Prices also Rise
Gold prices edged higher in trading on Tuesday following three straight sessions of losses. Silver prices also rose on Tuesday.
At last check on Tuesday, spot gold was up 0.80% to $1,660 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange settled $15.90 higher at $1,662.20 an ounce.
Speaking to Reuters, Daniel Brebner, analyst at Deutsche Bank, said that it looks like we are in a period, whether sustainable or not, of some stability and this is resulting in the moribund performance of the gold price and that potentially could continue over the next quarter or two. Brebner, however, noted that the whole debt situation remains a challenge and accommodative monetary policy is very much seen as a way to minimize the negative repercussions of that. Due to these factors, Brebner believes that the gold story is not over.
Silver prices also gained on Tuesday, with spot silver climbing more than 1% to $30.44 an ounce.
In late trading on Tuesday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.82% to $29.42, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.78% to $44.04, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.80% to $49.17.
Platinum and palladium also rose on Tuesday. At last check, spot platinum was trading 1.80% higher at $1,580 an ounce, while spot palladium was trading 0.2% higher at close to $670 an ounce.