Closing Gold & Silver Market Report – 7/23/2013
GOLD UP AGAIN; DOW CLOSES AT RECORD
The lagging U.S. dollar helped lift the Gold price today reaching a one-month high. The day started a bit listless for the Precious Metal, but it was able to stage a late day comeback on low trading volume as traders sought to cover short positions. David Meger, director of metals trading at futures brokerage Vision Financial Markets, said, “There are some options-related buying as traders cover short positions in the options market, which adds to buying in the underlying futures.” Technical buying could also help Gold. Holding above the 50 day moving average of $1,331 an ounce may have provided some support for the yellow metal. Year to date, Gold is still down after gaining for the past 12 years.
The U.S. stock market finished with mixed results today, but the Dow was the clear winner, posting a new high. Art Hogan, managing director at Lazard Capital Markets, said, “This week, we're entirely focused on a market that is luckily treating earnings on a case-by-case basis. You've got a general market trend where investors are comfortable with stocks for now—for now, we've a better understanding of Fed tapering means.” As earning season continues the market is closely watching returns. Today’s returns from companies like United Technologies and Boeing helped keep the Dow in the black.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,347.80, Up $8.80.
- Silver, $20.54, Down $0.06.
- Platinum, $1,449.00, Up $1.00.
- Palladium, $740.50, Down $10.90.
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