Morning Gold & Silver Market Report – 06/03/2013
U.S. STOCKS, GOLD UP BEFORE WALL STREET OPENS
Positive data coming out of Europe has helped push U.S. stock futures higher before the opening bell. The market is looking to rebound from a drop last week as it tries to shake off China’s manufacturing data and potentially lukewarm U.S. manufacturing due later. Chief market economist Peter Cardillo of Rockwell Global Capital said, “We’re looking at a rebound right now. It’s a heavy week for economic data, and that’s going to keep the guessing game of the Fed alive. It means we can expect more volatility.” This week’s data is key for the U.S., and it culminates with May’s nonfarm payroll numbers.
The Gold price is recovering from last session’s slide as well. Both the U.S. dollar and some European shares fell due to poor Chinese data, which gave the Gold price a boost. The data due this week will play an important part in the price of Gold as the U.S. central bank has said it will keep up the current pace of its stimulus campaign until economic indicators show continued strengthening. Standard Bank analyst Walter de Wet said, “The $1,400 level will be the peg in the ground for gold, as this is a psychological mark, which also generated a lot of options activity lately, and I would see prices hovering around it in the run-up to the U.S labor report on Friday.”
At 9:14 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,397.10, Up $2.10.
- Silver, $22.60, Up $0.26.
- Platinum, $1,491.60, Up $28.30.
- Palladium, $755.10, Up $1.50.
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