Morning Gold & Silver Market Report – 10/11/2013
POSSIBLE BUDGET DEALS PRESSURE GOLD
The U.S. dollar is headed for its third straight day of gains and is continuing to put pressure on the Gold price, which is headed for its second straight week of losses. This is most likely due to signs that Washington is close to reaching budget and debt ceiling deals. Michael Widmer of Bank of America Merrill Lynch said, “You had a very short-lived move higher on the back of the debt ceiling talks but … the market just discounts a lot of the bullish news at the moment, looking at the improving underlying economic picture.”
In speaking of recent stock market volatility, Wouter Sturkenboom of Russell Investment said, “I think most people who were looking at this whole mess were expecting a pragmatic result — they can’t go over the brink, they can’t go into default, as we were — but none of us knew when and how it would happen. A lot of people had their finger on the trigger for the first sign of resolution. It took less than I expected it would take, but that’s how markets are these days.” U.S. stock futures are pointing to a higher open for Wall Street.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,270.30, Down $28.60.
- Silver, $21.28, Down $0.65.
- Platinum, $1,369.90, Down $25.10.
- Palladium, $712.50, Down $1.10.
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