GOLD PRICES DOWN WITH POSITIVE ECONOMIC NEWS
Gold prices ended lower today based on potential news from the United States Federal Reserve and positive economic reports. In China, industrial profits rose in December for the fourth month in a row. In the U.S., orders for durable goods rose for the fourth month as well. “The global backdrop has improved,” Economist Peter Newland, for Barclays Plc., said. “There should be much scope for businesses to contribute to growth.” In the past, positive economic reports have sent the Precious Metals markets lower. However, many investors are looking toward this week’s Federal Reserve meetings for more solid guidance.
The Federal Reserve’s two day meeting to discuss and announce future plans of action for the ailing economic situation begins tomorrow. Most economists believe there will not be any major announcements made regarding policy changes. President of the Federal Reserve Bank of Boston Eric Rosengren said, “I consider it imperative that monetary policy continue to actively support the economy at present, since we continue to have an unacceptably high unemployment rate while, at the same time, inflation is undershooting the Federal Reserve's 2 percent target.” Historically, the continuance of monetary easing has given support to the Precious Metals market.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1656.70, Down $1.90.
- Silver, $30.90, Down $0.35.
- Platinum, $1662.90, Down $32.00.
- Palladium, $739.40, Down $2.60.
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