Morning Gold & Silver Market Report – 7/2/2013
INVESTORS AWAIT DATA
Precious Metals prices are mostly flat this morning, as Gold eyes a third straight day of gains. Societe Generale metals analyst Robin Bhar explained, “It is a short-covering bounce after the losses seen last week, and people are now data-watching and want to see how this impacts on the [Federal Open Market Committee] policy.” Mixed results from economic data are forcing investors to question how soon the U.S. Federal Reserve’s tapering of the quantitative easing program will begin.
After a pullback in European and Asian stocks, U.S. stock futures are attempting to hold onto gains this morning. UBS strategist Stephanie Deo said, “We believe that the markets have overreacted since the recent Fed announcement on June 19. The selloff in Treasuries is believed to be over and the equity correction was not warranted.” Investors are now waiting for the next big data event: Friday’s release of the June jobs report.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,254.20, Down $3.50.
- Silver, $19.69, Up $0.02.
- Platinum, $1,377.10, Down $5.40.
- Palladium, $687.80, Up $1.10.
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