Morning Gold & Silver Market Report – 8/8/2013
DOLLAR FALLS TO SEVEN-WEEK LOW
Precious Metals and U.S. stock futures added to early gains after the release of the weekly jobless claims report. The report showed that 5,000 new claims were filed, and new claims from two weeks ago were revised upwards. Continuing jobless claims increased by 67,000. The U.S. dollar fell after the report to a seven-week low, leading the way for Gold and Silver to continue their climb.
Cleveland Federal Reserve President Sandra Pianalto said Wednesday that the Fed could begin tapering its quantitative easing (QE) program soon, should recent job market improvements continue, though the comments had little effect on Precious Metals prices. Analysts at HSBC said in a note, “The bullion market's lack of a reaction to Ms. Pianalto's comments may indicate the degree of QE 'tapering' expectations already built into the Gold price. An announcement by the Fed later in the year to withdraw QE would be seen as less of a surprise for the gold market.”
At 9:52 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,296.30, Up $9.10.
- Silver, $20.00, Up $0.41.
- Platinum, $1,481.80, Up $42.50.
- Palladium, $741.90, Up $17.20.
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