Our Daily
Market Reports

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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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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