Closing Gold & Silver Market Report – 7/29/2013
GOLD ON THE RISE AHEAD OF FED MEETING; SILVER DEMAND INCREASING IN ASIA
Gold is on the rise as investors wait for this week’s two-day U.S. Federal Reserve meeting for further news on the future of fiscal policy. I think people want to stay on the sidelines until the Fed Meeting and this will generate a lot of two-way business in the next couple of sessions," MKS SA senior vice president Bernard Sin said. "Overall, traders will keep taking profits rather than trying to build long positions until the uncertainty around the timing of the Fed tapering [of quantitative easing] dissolves." The market also expects movement in prices from the European Central Bank and the Bank of England who meet this week, though they are likely to reiterate previous economic strategies.
A Silver vault that can hold 200 metric tons is opening in Singapore this week. In 2012, the Singapore government made the decision to support the buying of Precious Metals and removed a seven percent sales tax on investment-grade purchases. Singapore’s goal is to grasp 15 percent of the world’s Gold demand with a current average of two percent. Data from the World Gold Council and the Silver Institute shows that about 50 percent of Silver is used in industry, primarily for photography and electronics.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,329.30, Up $5.40.
- Silver, $19.91, Up $0.05.
- Platinum, $1,443.30, Up $19.50.
- Palladium, $743.90, Up $18.40.
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