Morning Gold & Silver Market Report – 9/4/2013
SYRIA TENSIONS COULD SPIKE GOLD PRICE
Precious Metals prices are giving up recent gains in morning trading. The conflict in Syria is still the main focus of investors and analysts, though Precious Metals prices appear to be the victim of profit-taking. HSBC analysts wrote yesterday that “the potential for Mideast tensions to intensify would be bullish for bullion. A key reason for Gold to rally in response to Mideast tensions is the potential for oil-supply disruptions that a U.S. strike or an escalation of the conflict may trigger. In order for Gold to build on recent gains over $1,400/ounce, oil prices also have to remain strong, we believe. A relaxation in oil prices — for whatever reason — could also undermine Gold.”
U.S. stock futures are flat this morning as investors await data to be released later this week. July’s trade report and other data is due today, though analysts believe that Friday’s nonfarm payrolls report is the key release to watch. Bank of Tokyo-Mitsubishi’s Lee Hardman wrote, “The non-farm payrolls report for August released on Friday will likely prove far more crucial (than Wednesday's data), given the importance of labor market conditions and as such will likely generate a much greater reaction in financial markets.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,393.20, Down $20.90.
- Silver, $23.50, Down $0.96.
- Platinum, $1,497.00, Down $42.20.
- Palladium, $698.00, Down $18.90.
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