Morning Gold & Silver Market Report – 10/10/2013
JOBLESS CLAIMS SOAR
Precious Metals prices briefly rose after the release of the weekly jobless claims report, which is one of the few pieces of economic data still provided during the government shutdown. The report showed that 66,000 new claims were filed last week, which is said to be caused by processing problems in California and the aforementioned shutdown. The level of new claims is much higher than expected, as economists expected 4,000 new claims. Silver jumped nearly one percent after the report was released, and Gold rose slightly as a stronger U.S. dollar put pressure on the yellow metal.
U.S. stock futures are gaining on news that President Barack Obama will meet with House Republican leaders today, perhaps signaling progress in the political gridlock that has led to the government shutdown. Rockwell Global Capital’s Peter Cardillo said, “We’re beginning to see some progress. Both sides need to save face, so whatever deals are in the making, it will be for a short period of time.” Cardillo added that a compromise would be expected after the short-term deal, but it would still be a relief to markets.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,301.40, Down $7.90.
- Silver, $21.97, Up $0.05.
- Platinum, $1,385.60, Up $3.40.
- Palladium, $706.30, Up $1.10.
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