GOLD’S REACTION TOWARD FED STATEMENT IS PESSIMISTIC
Precious Metals are reacting to investors frustrated by Gold’s movement yesterday after the Fed announced they would continue their bond buying program. Analysts suggest Gold moved ahead of the anticipated statement from the Fed as the continued bond buying had been forecasted. Investors are patiently waiting Friday’s nonfarm payroll data to show how the U.S. labor market is performing. “The intense focus on employment means that this Friday's report remains crucial in forming market expectations on future policy,” UBS analyst Joni Teves said in a report. “Some adjustments to positioning are likely to emerge heading into tomorrow.”
The U.S. stock market is close to experiencing its best performance since 1989. “Today, traders will be looking toward tomorrow’s monthly employment report, thus holding back funds earmarked for equity purchases until they see how many jobs the economy created during February,” Fred Dickson, chief investment strategist at Davidson Companies, said.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,663.50, Down $18.60.
- Silver, $31.35, Down $0.87.
- Platinum, $1,674.00, Down $15.30.
- Palladium, $745.90, Down $6.50.
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