Closing Gold & Silver Market Report – 6/11/2013
GOLD PRICE ENDS THE DAY LOWER
As the day winds down, so does the cost of Gold. There are many factors weighing on the Gold market including one major reason from India. As the world’s largest buyer of Gold, India’s new measures to curb Gold imports has dragged on the market. Before the new import rules took effect on May 20, India was averaging $135 million (USD) a day in imports. After May 20, those numbers fell to $36 million (USD) a day. The main reasoning for the actions is to help close the country’s massive Current Account Deficit (CAD). The government added they will take more action if needed. “Going forward the government will undertake measures to ensure that CAD is safely financed,” Raghuram Rajan, Chief Economic Advisor in the Finance Ministry, said.
There was a major sell-off in stocks and commodities today based on the fears that major central banks may be slowing down their stimulus programs. “Central banks have pushed many assets beyond the fundamentals and created a great deal of volatility,” Michael O'Rourke, chief market strategist at Jones Trading, said. “Nobody really has an idea where the unwinding stops.” This speculation has led to choppy markets in the past, and today has been no different.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1379.60, Down $8.40.
- Silver, $21.71, Down $0.34.
- Platinum, $1481.50, Down $26.90.
- Palladium, $753.10, Down $16.30.
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