Closing Gold & Silver Market Report – 1/31/2013
GOLD DOWN ON PROFIT TAKING; STOCKS FALL AFTER STRONG JANUARY
Today, Gold gave back all gains earned during its two session rally as profit taking caused the metal to remain range bound, pending more abrupt economic news. Though Precious Metals have experienced recent dips from projected price targets for the end of 2012 and into 2013, metal analysts at HSBC stated Thursday, “We believe that Gold and Silver may retrace modestly in the immediate term on profit-taking, but the overall trajectory for both appears higher.” U.S. nonfarm payroll data remains the focus going into Friday as investors await further news from the Federal Reserve regarding the fiscal outlook.
As Precious Metals gave back gains, U.S. stocks also fell after disappointing earnings data curtailed equities going into Friday’s jobs report. Today’s dip on the Dow Jones Industrial Average cut back the best January advance the index has seen since 1994. “The market’s due for a breather, so unless the economic news was significantly above expectations or significantly below, you’re probably going to get a trading down market,” Eric Green, director of research at Penn Capital, said.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,664.90, Down $17.20.
- Silver, $31.50, Down $0.72.
- Platinum, $1,679.40, Down $9.90.
- Palladium, $743.80, Down $8.60.
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