GOLD TRADING LOWER ON SOFTER EURO; JOBLESS CLAIMS RISE
Precious Metals are trading lower this morning, in line with a softer euro. Though the euro is down today, it is up approximately 1 percent for the week, and some analysts are speculating that the reason is all in the minds of investors. Instead of expecting this week’s EU summit to produce results, “the market is well prepared for a meeting with no new measures,” according to Anders Moller Lumholtz of Danske Bank.
The weekly jobless claims report showed an unexpected rise in new claims, though it has had little effect on the markets. A jump of 46,000 claims put the level at its highest in four months. The Labor Department says that low levels seen in the past week were actually an error in reporting on the part of California. A spokesman for the department said that the report’s numbers “are being distorted … by an issue of timing.”
The Gold price remains in a narrow range, despite losses this morning. Uncertainty in the eurozone is pressuring the Gold price as the euro is coming under fire. Edel Tully of UBS said, “Gold is trying to establish a foothold around the mid $1,700s as we step into what is traditionally the busy season for Gold demand in India.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,742.30, Down $10.20.
- Silver, $32.91, Down $0.34.
- Platinum, $1,649.70, Down $17.80.
- Palladium, $648.70, Down $5.70.
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