Mid-Day Gold & Silver Market Report – 9/25/2013
U.S. BUDGET CONCERNS WEIGH ON INVESTOR SENTIMENT
Gold is on the rise at mid-day on the heels of technical buying and concerns surrounding U.S. budget negotiations and a potential government shutdown. Breaking a three day skid that saw Gold tumble nearly 4 percent, the yellow metal avoided sinking below technical support levels and gained further backing from safe haven investors fearing the consequences of a potential stalemate in U.S. budget discussions. “Worries about the U.S. government shutting down are pushing people to gold,” R.J. O’Brien & Associates senior commodity broker Phil Streible said. Analysts are predicting low levels of volatility in coming days, as this weekend marks the end of the third quarter and fresh unemployment data will be released next week.
Following four straight sessions of losses for the S&P 500, the benchmark index is up slightly after wavering during morning trading. Equities investors are currently eyeing housing data and budget talks in Washington to gauge short-term market movement. “There is a lot of skittishness on what’s to come in terms of Washington budget negotiations,” Diane Jaffee, the New York-based group managing director for U.S. equities at TCW Group Inc., said. With Treasury Department officials predicting the debt limit to be reached by mid-October, concern among investors looms as interested parties wait to see if President Barack Obama and Republicans in Congress can reach an accord regarding U.S. borrowing authority.
At 2:06 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,337.50, Up $19.20.
- Silver, $21.89, Up $0.28.
- Platinum, $1,427.00, Up $7.20.
- Palladium, $721.90, Up $2.90.
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