Mid-Day Gold & Silver Market Report – 9/9/2013
‘TWIN CONCERNS’ KEEP GOLD PRICE STEADY
The Gold price remained flat in morning trading amid speculation over the U.S. Federal Reserve’s quantitative easing (QE) program and concerns over U.S. involvement in the situation in Syria. Speaking to last week’s economic data, VTB Capital’s Andrey Kryuchenkov said, “The much-awaited U.S. August jobs report provided little insight into the Fed's policy decision on September 17-18. [The decision on QE tapering] can still go either way, and players will choose to play it safe without committing to fresh longs until then.”
U.S. stocks are trading higher, though European stocks fell overnight. Richard Hunter of Hargreaves Lansdown said, “We saw a reasonable start today on the back of some decent economic data from China and strong Japanese share prices after Tokyo was named Olympic city, but unfortunately we’ve moved back on the twin concerns of Syria and U.S. tapering of QE. The script hasn’t particularly changed from last week and in the absence of any concrete resolutions of those two concerns, markets are likely to stay volatile.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,387.50, Down $1.00.
- Silver, $23.70, Down $0.22.
- Platinum, $1,484.50, Down $12.20.
- Palladium, $682.10, Down $13.70.
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