Morning Gold & Silver Market Report – 5/23/2013
RISING YEN CAUSES FALL IN U.S. DOLLAR
The Gold price is gaining this morning as a rising Japanese yen caused the U.S. dollar to fall. Another contributing factor is that China’s Purchasing Managers’ Index data fell to a level which signals a contraction. Mitsubishi analyst Jonathan Butler said, “Expectation that China's growth is perhaps not as strong as it was, the equity rally, which has wobbled a bit just in [the] past few hours and dollar weakness are lending support to Gold.”
Weekly jobless claims fell to 340,000 for last week, perhaps signaling an improving labor market. This has been a major factor in the continuance of the U.S. Federal Reserve’s quantitative easing program, and more improvement in unemployment numbers could mean an end to that program. ING said in a note, “It seems the market is now squarely focusing on the September 17-18 [Federal Open Market Committee] meeting for the Fed to make its move.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,388.60, Up $18.20.
- Silver, $22.42, Down $0.16.
- Platinum, $1,458.60, Down $12.10.
- Palladium, $738.40, Down $15.80.
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