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Morning Gold & Silver Market Report – 7/3/2013

DATA BRING STOCKS, METALS DOWN

A smattering of economic data released this morning caused U.S. stock futures and Precious Metals prices to fall, though stocks only added to losses while Precious Metals had been hanging on to gains. This downward trend started after the ADP’s private sector jobs report showed a better than expected increase, and continued after data showed the U.S. trade deficit widened by 12.1 percent and jobless claims fell by just 5,000.

Gold and Silver prices were kept from climbing higher by a stronger U.S. dollar, which is reacting to news out of the eurozone that brings Greece and Portugal’s debt situation back in focus. Political issues in Portugal and concern over Greece receiving its next round of bailout money kept European stocks down overnight. Commerzbank analyst Daniel Briesemann said, “Prices are treading water at the moment and a firmer dollar is capping further increases. Debt crisis in Greece and Portugal, which seem to be back in focus, is weighing on equities and possibly leading to some higher demand for Gold, but on the other end we are still seeing outflows from ETFs and that's negative.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,253.00, Up $7.60.
  • Silver, $19.77, Up $0.38.
  • Platinum, $1,367.10, Down $0.70.
  • Palladium, $684.00, Down $4.90.

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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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