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Closing Gold & Silver Market Report – 10/16/2013

GOLD RECEIVES BOOST FROM WEAKENED U.S. DOLLAR

Gold received some much needed support today as bipartisan leaders of the U.S. Senate agreed to a solution to resolve the fiscal impasse and raise the U.S. borrowing limit.  Later today the Senate and House will vote and President Barack Obama reportedly supports the agreement.  “The compromise we reached will provide our economy with the stability it desperately needs,” Senate Majority Leader Harry Reid said. Since the government shut down, Gold has dropped about 4 percent due to large sells, which were intensified by technical selling. 

With an official deal on the table to end the U.S. government shutdown, the U.S. dollar fell 0.2 percent against foreign currencies, which boosted Gold.  “The dollar’s weakness is helping Gold,” Citigroup Inc. futures specialist Sterling Smith said in a telephone interview. “Also, higher metal and energy prices are helping.”  Senate leaders were able to reach an agreement the day before the U.S. would officially default on its debt.  The last minute deal may be to blame for a lower U.S. dollar, as most investors believe the damage has already been done to the economy.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,283.80, Up $8.60.
  • Silver, $21.44, Up $0.22.
  • Platinum, $1,398.30, Up $15.90.
  • Palladium, $718.50, Up $11.20.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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