GOLD TRADING TIGHTLY; STOCKS DOWN AGAIN ON GREEK UNCERTAINTY
Gold has given up early gains today as the price continues to hover around $1,730 on news of considerable demand for the metal in India and reports of a drop in Japanese gross domestic product (GDP). Japan’s GDP fell 0.9 percent in the third quarter, standing as a strong indicator for the prospects of additional economic stimulus in the nation. Though today’s trading volume is thin due to Veterans Day, developments in Japan and the beginning of Diwali, India’s biggest annual holiday, could boost the Gold price for the coming week.
Following the U.S. stock market’s largest drawback since June, the Dow Jones Industrial Average and S&P 500 are down again today as fear concerning the end-of-year “fiscal cliff” and anxiety over a strategy for Greek aid continue to plague investors. “What people don’t like in markets is uncertainty,” said Gilles Sitbon at Sycomore Asset Management in Paris. “People are waiting for one thing that could make the market go down. People are ready to pull the trigger. And if nothing happens, then you can get a grind higher. It’s confidence building.” Long-term stability and safe haven appeal have proven Gold is a popular investment in times of such uncertainty.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,729.60, Down $2.80.
- Silver, $32.42, Down $0.23.
- Platinum, $1,563.10, Up $5.20.
- Palladium, $607.80, Down $4.30.
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