GOLD HOLDING AS U.S. DATA REMAINS MIXED
Gold continues to hold steady on mixed U.S. economic news. The yellow metal has been trying to break through the $1,600 level but has felt pressure due to the dollar increasing in value compared to other currencies. “Gold has reversed earlier losses at the same time as the euro did, helped by technical buying and physical demand,” HSBC analyst Howard Wen said.
Today’s jobless claims report showed a drop of 10,000 to the second lowest level in five years. The dollar did pull back on the news, although it reached a seven month high on better than expected retail sales reports. U.S. homeowners are still facing difficulty with foreclosures as the rate increased 10 percent in February from the previous month, according to data from RealtyTrac. “Foreclosures have been contained as a threat to the housing market but there's still hot spots in the foreclosure market in different states that need to be stamped out,” RealtyTrac Vice President Daren Blomquist said.
At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,590.90, Up $0.50.
- Silver, $28.84, Down $0.18.
- Platinum, $1,592.30, Down $2.80.
- Palladium, $771.70, Up $1.50.
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