HOME PRICES ON THE RISE; GOLD SET TO GAIN
Home prices rose in September, sending a signal that the housing market is showing signs of a recovery.The S&P/Case-Shiller home-price index was released this week, showing that “prices gained 3 percent over the past 12 months.”
The Gold price has held mostly steady Friday with a recent dip as U.S. trading began. The Gold price is set to gain overall for the month of November. Trading has been volatile as the asset seems to be tied to the fate of the fiscal cliff. Right now, Gold is trending with equities. Simon Weeks, head of Precious Metals at Scotia Mocatta, said that if a breakthrough in the fiscal cliff talks came, the trend would likely continue and the Gold price would likely follow any bounce in those assets. “The knee jerk reaction will be for Gold to follow other markets up or down, and after its initial reaction, it will tend to decouple,” he said.
At 2:30 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,712.80, Down $16.70.
- Silver, $33.34, Down $1.08.
- Platinum, $1,601.00, Down $19.50.
- Palladium, $682.00, Down $5.40.
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