GOLD FINDS SUPPORT AS DEBT CEILING ISSUES ARISE; U.S. ECONOMY SHOWS PROGRESS
The Gold price increased today as concerns grow on two economic matters: First, whether the Federal Reserve will continue its bond buying program as the economy appears to be recovering, and second, if politicians will come to a debt ceiling agreement. Analysts suggest Gold will receive support with the upcoming debates over raising the U.S. debt ceiling. “We view the recent sell-off as a good entry point to re-establish fresh tactical longs in Gold before the run up to the debt ceiling debate … a likely catalyst for higher Gold prices,” Goldman Sachs said in a note.
The U.S. economy is expected to see a potential growth of 2.5 percent in 2013, according to Chicago Fed President Charles Evans. The ultimate goal is to lower the unemployment rate to 7.4 percent in 2013 and hopefully reach 6.5 percent in the next 3-5 years. “One good indicator of labor market improvement would be if we saw payroll employment increase by 200,000 each month for a number of months. We've been averaging about 150,000, but … we need a higher pace of employment growth and less volatility in that pace,” Evans said.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,669.30, Up $6.70.
- Silver, $31.08, Up $0.64.
- Platinum, $1,657.90, Up $26.70.
- Palladium, $704.10, Up $1.60.
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