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Mid-Day Gold & Silver Market Report – 7/2/2013

DOLLAR STRENGTH WEIGHS ON GOLD

The Gold price has been pushed moderately lower today as the U.S. dollar maintains its momentum versus other leading world currencies.  The dollar pushed back above 100 yen today as many investors remain confident in imminent tapering of quantitative easing (QE) measures.  “We know that it is an important week in the forex market when even on a day like today, when the global economic calendar contains virtually no market moving releases outside of last night’s [Reserve Bank of Australia] decision, currencies are seeing big moves,” BK Asset Management’s managing director of FX strategy Kathy Lien said.  Though widespread concern regarding the U.S. Federal Reserve’s liberal asset purchase program has been bullish for Gold investors concerned with hyperinflation, the competitive devaluation of currency by central banks throughout the world has lessened the impact of a weakening dollar as the eurozone and Japan undertake similar stimulus measures. 

The Dow Jones Industrial Average and S&P 500 are both up today following news that U.S. factory orders improved for May.  It appears as though equities markets have made the necessary adjustments, being bolstered by QE to make gains based on positive economic data.  As we await corporate earnings reports, set to begin next week, the perception of domestic strength and the validity of economic recovery are expected to be the factors that future market improvements will hinge upon.

At 2:05 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,247.60, Down $10.10.
  • Silver, $19.51, Down $0.16.
  • Platinum, $1,368.40, Down $14.10.
  • Palladium, $683.80, Up $3.00.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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