Mid-Day Gold & Silver Market Report – 7/3/2013
SHORT U.S. TRADING SESSION; GOLD GAINS ON WEAK DOLLAR
The U.S. stock markets closed today at 1 p.m. (ET), and stocks hovered near the breakeven point. Offsetting data ranging from weak Chinese service sector reports to positive U.S. labor market input pushed and pulled on investors this morning. Another worry adding to investor strategy is the potential collapse of Portugal’s government after two cabinet members resigned. Steen Jakobsen, chief economist with Saxo Bank, said, “Expect the government to fall in the course of the next 48 hours. A new election will be called amid a huge drive towards ‘anti-austerity. This is EXACTLY what German Chancellor Angela Merkel does not need.”
The Gold price is climbing today on a slightly weaker U.S. dollar. VTB Capital analyst Andrey Kryuchenkov said, “Today's strength is more to do with the dollar and equities markets after bad eurozone data, mixed U.S. numbers and renewed worries about Portugal and Greece.” The political deadlock in Portugal weighed negatively on European shares today. The affect it will have on the Gold price is yet to be noted. Typically, political unrest is a cause for investors to move toward safe haven investments like Gold.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,250.40, Up $5.00.
- Silver, $19.75, Up $0.35.
- Platinum, $1,346.70, Down $21.10.
- Palladium, $684.50, Down $4.40.
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