Morning Gold & Silver Market Report – 5/24/2013
GOLD HEADING FOR BEST WEEK SINCE APRIL
Gold’s negative correlation to the stock market has been on display this week, as the yellow metal is heading for its best week in the past month. Mistubishi analyst Jonathan Butler said, “The conditions are favourable for a continued role for Gold. Those loose economic policies aren't coming to an end just yet, though there are some voices in favour of a more hawkish stance in the United States.” St. Louis Federal Reserve President James Bullard said that he would need to see a rise in U.S. inflation before he voted to end the current round of quantitative easing.
Gold and Silver prices were mostly flat in early-morning trading, though turned slightly lower after the release of the U.S. durable-goods report. Durable-goods orders rose 3.3 percent, which is greater than the expected 1.4 percent rise. Also, March’s report was revised to show a smaller decline. The durable-goods report is one of the key gauges for the U.S. economy, and one that the Federal Reserve monitors when considering monetary policy.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,393.90, Down $0.90.
- Silver, $22.58, Down $0.04.
- Platinum, $1,456.40, Down $2.30.
- Palladium, $731.00, Down $9.70.
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