Morning Gold & Silver Market Report – 8/6/2013
DATA CAUSES SNOWBALL EFFECT ON GOLD PRICE
Economic data from the U.S. and Europe pulled the Gold price down in overnight trading. Sharps Pixley CEO Ross Norman said, “We fell through the psychological support level of $1,300 last night, and it does feel as the prevailing dollar strength is curtailing Gold momentum. [However,] it is hard to read too much into moves during the summer months as the market can fluctuate widely on very small trades.” Automatic electronic sale orders were activated when the Gold price fell below $1,300, which furthered the impact of the losses.
Data released this morning by the Commerce Department showed that the U.S. trade deficit fell to its lowest level in nearly four years. The combination of lower imports and higher exports caused the gap to shrink to $34.2 billion in June, from $44.1 billion in May. The U.S. imported a total of $225.4 billion in June, compared to exporting $191.2 billion.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,289.30, Down $15.10.
- Silver, $19.68, Down $0.13.
- Platinum, $1,434.90, Down $14.20.
- Palladium, $728.90, Down $7.90.
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