Morning Gold & Silver Market Report – 5/17/2013
GOLD DECLINE CONTINUES AS U.S. DOLLAR SURGES
The Gold price is continuing its steady march downward and is facing its seventh straight day of losses. The Gold price could post a weekly loss of nearly five percent. Thursday’s data put a damper on Precious Metal’s appeal as a larger-than-anticipated drop in consumer prices for April was reported, lessening Gold’s traditional safe-haven appeal. The U.S. dollar once again gained against the basket of six currencies it is measured against. The dollar index is near 10-month highs, pushed up on comments from San Francisco Federal Reserve President John Williams. Williams said that if the economy continues expanding in line with forecasts, the Fed could slow its bond-buying program as soon as this summer.
The World Gold Council reported recently that in the first quarter of this year, physical demand for Gold bars and coins surged 10 percent from a year ago, and jewelry demand climbed 12 percent. Central banks around the world continued to add to their Gold holdings, putting more than 100 tons of the Precious Metal away in their vaults.
At 9:19 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,379.10, Down $10.80.
- Silver, $22.69, Down $0.08.
- Platinum, $1,474.30, Down $12.80.
- Palladium, $742.70, Down $0.10.
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