GOLD PUSHED BY PROFIT TAKING; EURO SQUEEZED BY UNCERTAINTY
Gold’s failure to break $1,800 an ounce, along with positive U.S. economic data today, has many investors looking to cash out gains. Today’s retail sales data shows Americans bought more of everything in September and could indicate greater than expected growth in the third quarter. "The University of Michigan data on Friday, retail sales today — it all adds up to suggest that the U.S. economy is starting to step in line, and the downward revisions we saw in the past half of the year may be coming to an end," Danske Bank analyst Christin Tuxen said. Today also saw positive news out of China indicating reduced inflation and growing exports.
The euro continues to trade in a tight range today. Investors are pitting concerns over if and when Spain will request a bailout and over Greek willingness to agree to the new austerity measures with expectations the euro will rally once Spain does seek help. "Spain has yet to request a bailout, and the IMF suggestion of a rescheduling of repayment terms for Greece has received mixed support," said Eric Theoret, currency strategist at Scotiabank in Toronto. Spain and Greece will be the focus of this week’s European Union summit.
At 1 p.m. (EDT) the APMEX Precious Metals spot prices were:
- Gold, $1737.40, Down $21.80.
- Silver, $32.75, Down $0.92.
- Platinum, $1,631.40, Down $24.90.
- Palladium, $632.80, Down $7.30.
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