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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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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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