LOWER METAL PRICES SPUR BUYING
Gold and Silver prices are rising this morning ahead of a Federal Reserve meeting and statement coming later in the week. Commerzbank analyst Eugen Weinberg said, “After the losses of the past few days, there is some buying interest … we are likely to keep seeing some buying on the dips but not strong enough to support a decisive push higher.” If the Fed announces they will continue with the unlimited bond-buying plan announced last year, many analysts believe that will be supportive of the Gold price.
U.S. stock futures are trading lower as many investors look to consumer-confidence data to be released at 10 a.m. With the continuing worries about the health of the U.S. economy and higher payroll taxes, economists have predicted that the barometer of consumer confidence will be lower than December’s. If the expectations of a 64.3 are correct, it would be a five-month low. Also expected this morning is data regarding housing prices in the country, which are expected to be lower month-over-month, but higher than this time last year.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,664.30, Up $9.40.
- Silver, $31.17, Up $0.35.
- Platinum, $1,673.90, Up $11.70.
- Palladium, $740.90, Down $0.70.
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