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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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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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