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Mid-Day Gold & Silver Market Report – 8/29/2013

EASING TENSION IN SYRIA, STRONG ECONOMIC REPORTS SUBDUE GOLD PRICE

Uplifting economic reports helped buoy the U.S. dollar and equities markets today as the fear of a military clash with Syria has been temporarily quelled, lending further support to stocks.  New reports show domestic growth was better than expected during the second quarter and unemployment claims are down this week.  Further evidence of economic improvement will continue to stoke speculation surrounding the U.S. Federal Reserve’s decision to either taper or perpetuate the current course of monthly asset purchases.  Today, markets are focused on the possibility of Western conflict with Syria.  “There's a lot of uncertainty as Western powers have taken a step back, so the market is encouraged of some stepping back from the brink,” OakBrook Investments co-chief investment officer Peter Jankovskis said. 

The Gold price is suffering losses today as safe-haven appeal was reduced following a delay in Syrian conflict and the release of positive economic news.  “The GDP numbers are very big, and puts the story of tapering in September back in the forefront,” Chris Gaffney, senior market Strategist at EverBank Wealth Management, said. “The drumming of the Syria war has receded today, taking some premium away from Gold.”  With tapering discussions reclaiming the central focus of investors, all eyes will look to September’s Federal Open Market Committee meeting, which has been highly publicized as the likely venue for the Fed to announce scaling back its quantitative easing program. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,413.80, Down $7.00.
  • Silver, $24.05, Down $0.41.
  • Platinum, $1,528.80, Down $12.30.
  • Palladium, $739.60, Down $8.00.
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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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