STRONG EURO LIFTS GOLD AHEAD OF FED SPEECHES
A strong euro, aggressive physical buying in China, and reports that the Bank of Japan will increase its inflation target have all driven the Gold price up today. The marginal gain comes following a significant price dip Friday. “We [saw] a fair amount of buying from China after Gold prices fell last Friday, and the yuan hit a record high (against the dollar), making local prices cheap,” ScotiaMocatta Director Peter Tse said. Officials will attempt to curb the deflationary period in Japan as the dollar has gained 16 percent versus the yen in the past year.
Stocks are relatively flat following two weeks of gains going into Monday’s session. Though no economic reports are due today, Ben Bernanke and several other Federal Reserve members will speak for the first time since the minutes from the last Fed meeting indicated a possible end to the current monetary easing policy. Many investors will await fourth quarter corporate earnings data set to be announced toward the end of this week.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,667.00, Up $4.40.
- Silver, $30.93, Up $0.49.
- Platinum, $1,657.00, Up $25.80.
- Palladium, $704.50, Up $2.00.
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