Closing Gold & Silver Market Report – 9/10/2013
EASING SYRIAN TENSION BOOSTS STOCKS, WEIGHS ON GOLD
The Gold price retreated today as Syrian officials conceded to international pressure to cease production on and release the location of its chemical weapons. With the imminent fear of military conflict diminished, the safe haven appeal of Precious Metals was temporarily quelled. For now, investors continue to digest U.S. economic data to determine the Federal Reserve’s course of action regarding quantitative easing in next week’s Federal Open Market Committee (FOMC) meeting. Since it appears that stimulus tapering is forthcoming, the main questions analysts are asking concern the timing of the announcement, the scale of reduction and the impact on domestic markets.
U.S. stocks continued their upward trend today as the S&P 500 extended its winning streak to its longest since July. “The news from Syria is positive and we had decent economic data out of China,” Gary Flam, a portfolio manager at Bel Air Investment Advisors LLC, said. “Investors came into September cautiously positioned, but one by one their concerns are being removed or lessened.” Investors and analysts will continue to eye negotiations with Syria and the upcoming FOMC meeting for further indications of market progress.
At 5:39 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,365.00, Down $23.70.
- Silver, $23.01, Down $0.73.
- Platinum, $1,475.80, Down $8.20.
- Palladium, $693.80, Up $11.80.