Morning Gold & Silver Market Report – 7/9/2013
CHINESE INFLATION DATA BOOSTS GOLD
The Gold price was pushed higher in morning trading thanks to a report on Chinese inflation. The report showed higher inflation than expected for June, and MKS Capital’s Afshin Nabavi explained, “The numbers out of China were very helpful for the metal's demand, as these indicate an increase in inflation rates, against which Gold is seen as an hedge.” The U.S. dollar eased from a three-year high, which could have also had an impact on Gold’s price; however, sentiment is still positive for the dollar in light of the Federal Reserve’s planned tapering of the quantitative easing program.
Stock futures rose in morning trading after early earnings reports were released. No major economic data is due today, though minutes from last month’s Federal Open Market Committee meeting are expected to be released Wednesday. The minutes could shed more light on policymakers’ thoughts on the tapering of quantitative easing, and perhaps provide clues as to when it could happen.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,253.00, Up $15.60.
- Silver, $19.31, Up $0.19.
- Platinum, $1,367.30, Up $5.30.
- Palladium, $699.20, Up $3.80.
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