Gold, Silver Prices Ease As Dollar And Stocks Go Flat

By
A A A

Gold and silver prices eased slightly Monday as the dollar and stock markets went flat in quiet trade in light of the Veteran's Day holiday and lack of major economic news. A successful passage of the Greek budget on Sunday had no effect on the euro.

Spot gold prices gave back 0.16% to $1,729.10 an ounce.PowerShares DB U.S. Dollar Index Bullish ( UUP ), tracking the dollar against a basket of global currencies, was nearly flat and trades at a two-month high.

"The negative reaction to the better-than-expected nonfarm payrolls (released Nov. 2) heightened uncertainty among investors over the ability of QE3 (quantitative easing) to support prices and/or the longevity of the Fed's open-ended commitment to easing," Marc Ground, a commodities analyst at Standard Bank in New Zealand, wrote in his weekly report. "However, countering this was last Tuesday's positive reaction to early indications that President Obama would win re-election. Participants were emboldened by the belief that an Obama win would ensure that the Fed will continue with its accommodative stance."

ETF holdings in gold increased 5.2 tons last week to a 12-month high of 2,681.9 tons.

SPDR Gold Shares ( GLD ), tracking a 10th of an ounce of bullion, shed 0.22% to 167.45. It's consolidating below the 50-day moving average. It's corrected only 3% from its 52-week high, which is considered a normal pullback in an uptrend.

Market Vectors Gold Miners ETF ( GDX ) dropped 1.24% to 50.04. It appears to have hit price resistance at its 50-day line after breaking below it at the beginning of the month.

Market Vectors Junior Gold Miners ( GDXJ ) fell 0.67% to 23.78. It's consolidating along its 50-day average, which means its uptrend remains intact.

Silver Prices Dull

Spot silver prices fell 0.67% to 32.51 an ounce.

IShares Silver Trust ( SLV ) fell 0.54% to 31.37. It's consolidating below its 50-day average and appears to be forming a new base.

Global X Silver Miners ETF (SIL) shed 0.70% to 23.95. It's been trading in a tight sideways range for the past seven weeks and its chart remains bullish.

Follow Trang Ho on Twitter @TrangHoETFs .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , ETFs

Referenced Stocks: GDX , GDXJ , GLD , SLV , UUP

Investor's Business Daily

Investor's Business Daily

More from Investor's Business Daily:

Related Videos

ColonialMills_USETBASITE
ColonialMills_USETBASITE            

Stocks

Referenced

Most Active by Volume

81,768,754
  • $74.11 ▼ 2.31%
77,395,717
  • $9.42 ▼ 5.80%
67,947,205
  • $17.02 ▲ 0.18%
53,864,169
  • $32.58 ▼ 3.95%
44,748,631
  • $11.32 ▲ 0.98%
42,926,278
  • $9.97 ▼ 9.03%
42,401,116
  • $41.80 ▼ 0.67%
39,870,972
  • $106.98 ▼ 0.34%
As of 10/30/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com