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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