Closing Gold & Silver Market Report – 7/24/2013
GOLD DIPS AS U.S. HOUSING MARKET HITS HIGHEST POINT IN 5 YEARS
Gold was pressured down today after optimistic U.S. housing market data was announced. The amount of purchased homes in the U.S. jumped to 8.3 percent in June, the highest point since May 2008. Positive economic data has become the center of concern for the market as the Federal Reserve announced they will continue to watch reports to determine if fiscal policy should be tapered. “Every new data becomes a point of speculation for the timing of the stimulus tapering,” David Lee, a vice president at Heraeus Precious Metals Management in New York, said in a telephone interview. “The market wants some clarity from the Fed.”
Europe’s manufacturing data was released today and surprisingly showed development in July, something that hadn’t been seen in two years. The report is a positive sign that the eurozone economy is on its way toward a healthy recovery. The “figures clearly support the notion that the eurozone economy as a whole is leaving recession behind,” Martin van Vliet, an economist at ING Bank NV in Amsterdam, said. “The monetary stimulus from the ECB, the earlier pick-up in the world economy and the overall slower pace of fiscal austerity have finally managed to stop the economic contraction.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,323.70, Down $14.00.
- Silver, $20.21, Down $0.13.
- Platinum, $1,446.70, Up $3.60.
- Palladium, $749.40, Up $8.90.
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