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Market Reports

Morning Gold & Silver Market Report – 7/25/2013

JOBLESS CLAIMS FALL; GOLD REVERSES COURSE

Gold and Silver prices have reversed losses this morning after economic data showed a rise in jobless claims. U.S. stock futures fell after the news. The focus on data is surrounding quantitative easing and whether the Federal Reserve will have enough positive data to support tapering of the program. The dollar index dropped slightly, Asian markets fell, and European data disappointed markets as well.

For Gold’s immediate future, all eyes continue to be on the Fed meeting next week. Standard Bank analyst Walter de Wet said, “We're likely to find support around $1,300, but Gold is going to struggle to maintain prices above $1,330, at least ahead of next week's Fed meeting. Our position is that the Fed will continue to taper QE, and market consensus believes it will probably happen in September.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,326.30, Up $3.80.
  • Silver, $20.21, Up $0.11.
  • Platinum, $1,444.20, Down $11.00.
  • Palladium, $741.30, Down $5.00.

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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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