Closing Gold & Silver Market Report – 5/14/2013
INDIA’S TRADITIONAL GOLD BUYING WAYS MAY BOOST METAL PRICES
India has officially begun its traditional wedding season in which it is customary to provide the bride and groom with a gift of Gold. One of the main Gold-buying Hindu festivals is next Monday, and investors think the celebration may lift the yellow metal’s price. “We expect Indian Gold demand to remain at elevated levels with the festive Gold-buying wedding season under way,” James Steel, chief precious metal analyst at HSBC, said. Other Precious Metals were also slightly affected today with Silver down 0.9 percent, Platinum up 1.8 percent and Palladium up by 1.7 percent.
The U.S. economy has a positive outlook as it appears to be heading towards a healthy recovery, and other nations are acknowledging this. Central banks around the world have become the focal point for the market with speculation that the U.S. Federal Reserve may bring quantitative easing to an end as continued positive economic data is released. “Everyone still perceives the U.S. to be the main engine of the world economy. European stock markets wouldn't be where they are if the U.S. stock market wasn't above 15,000. If the Chinese stock market was at that level, you wouldn't see the same kind of effect,” Hartmann Capital trader Basil Petrides said.
At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,426.10, Down $10.70.
- Silver, $23.45, Down $0.34.
- Platinum, $1,502.90, Up $16.90.
- Palladium, $733.10, Up $12.40.
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