Morning Gold & Silver Market Report – 9/3/2013
SILVER SHINES AHEAD OF ECONOMIC DATA
Gold, Platinum and Palladium prices are flat, and the Silver price is approximately three percent higher in morning trading. Standard Chartered analyst Daniel Smith said, “It is difficult to predict development in the geopolitical situation [in Syria], but obviously this will be followed by the Gold market and if we have a massive crisis prices will rise on the back of it. Any [economic] data out of the United States this week is going to be pretty critical to the outlook of Gold and we are expecting a strong labor report, which encourages the idea of QE tapering.” The Federal Reserve will have a two-day policy meeting beginning Sept. 17.
U.S. stock futures are pointing higher this morning after President Barack Obama said he would seek Congressional approval before making a decision on the situation in Syria. The Labor Day holiday saw higher global markets with thin volumes. Naeem Aslam of Ava Trade said, “There is no doubt that the global markets did enjoy an uptick day yesterday, but the volume was thin in the absence of the biggest economy of the world. [Volatility] will remain elevated given that the economic docket for this week is full of colorful fireworks.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,400.90, Up $2.80.
- Silver, $24.46, Up $0.93.
- Platinum, $1,530.30, Up $2.20.
- Palladium, $723.10, Up $0.30.
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