Mid-Day Gold & Silver Market Report – 6/4/2013
GOLD PRICE DIPS AGAIN
The world’s largest consumer of Gold is the country of India, but the country’s government is putting a restriction on imports of the metal. The Reserve Bank of India extended an imports restriction on banks that they introduced last month. The announcement came after the country’s Gold imports increased between April and May by nearly 20 tons. Societe Generale analyst Robin Bhar said, “The news that the RBI will curb imports of Gold by agencies has weighed prices down today as it is a wider restriction and could imply lower imports of Gold into the country.” The Gold price was also cut by a stronger dollar and continued uncertainty over the timing of a pullback in the U.S. Federal Reserve’s stimulus program.
Today is an interesting day for the Dow industrials. If the index finishes higher today, it will mark the 21st Tuesday in a row with a gain. Nick Raich, CEO of the Earnings Scout, said, “The past few weeks have been all about whether the taper is going to occur or not, and what that means.” With investors keeping stocks near unchanged as they look for clues to upcoming Fed decisions, the Tuesday weekly win streak could be in jeopardy.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,398.5 Down $15.40.
- Silver, $22.51, Down $0.32.
- Platinum, $1,493.00, Down $5.90.
- Palladium, $751.00, Down $8.10.
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