Mid-Day Gold & Silver Market Report – 10/24/2013
SOFT DOLLAR, QE SPECULATION LIFT PRECIOUS METALS
Gold is trading higher today as weakness in the U.S. dollar helped lift Precious Metals prices. “A still weak U.S. dollar – the U.S. currency has weakened against the euro to exceed the $1.38 mark for the first time in almost two years – is one major reason why the Gold price has been able to gain to around $1,340 per troy ounce this morning,” analysts at Commerzbank AG said. The perpetuation of quantitative easing measures by the U.S. Federal Reserve is also helping boost the Gold price as the recent government shutdown and disappointing employment numbers lend credence to Fed officials wanting to delay a possible stimulus taper. “The stimulus story is lending support to Gold,” Frank Lesh, a trader at FuturePath Trading, said. “Worries about the health of the U.S. economy are pushing some to Gold.”
U.S. stocks wavered on Thursday following the first drop in the S&P 500 in six sessions on Wednesday. Investors and traders are still assessing incoming corporate earnings reports and manufacturing growth to determine the status of the U.S. economy. “We want to look at the quality of these earnings as far as looking at revenues and making sure there is actual growth and not just manufactured growth,” David James, director of research at James Investment Research Inc., said.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,352.40, Up $16.40.
- Silver, $22.87, Up $0.21.
- Platinum, $1,456.60, Up $15.90.
- Palladium, $748.70, Up $1.60.
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