PRECIOUS METALS RECEIVE A BOOST
Precious Metals prices saw a boost as U.S. lawmakers passed legislation to avoid the fiscal cliff. “Markets reacted positively to news that a deal of sorts has been reached,” TD Securities Inc. Vice President Steve Scacalossi said in an email. “The drop in the dollar is also providing a boost to the commodity complex.” Today, the U.S. dollar experienced as much as a 0.6 percent drop against other major currencies.
Crude oil, like most commodities, gained today with news that the fiscal cliff was resolved. The nation is less likely to go back into a recession now that austerity measures do not need to be implemented. The agreement between politicians stimulated the market to trade riskier assets rather than hold on to the dollar, as the value dropped a bit today.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,689.10, Up $12.80.
- Silver, $31.08, Up $0.84.
- Platinum, $1,566.10, Up $24.70.
- Palladium, $709.00, Up $4.60.
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