Morning Gold & Silver Market Report – 10/28/2013
GOLD STEADIES AHEAD OF MONTHLY FED MEETING
The Gold price is trading relatively flat on Monday morning as Precious Metals investors speculate over the future of the Federal Reserve’s quantitative easing program. With the recent government shutdown in Washington and uninspiring economic figures fresh in the minds of Fed officials, many economists expect no deviation from the current level of stimulus following the Fed’s two-day policy meeting later this week. “The longer-term outlook for Gold has turned a bit more positive recently because the tapering is not a foregone conclusion considering how the U.S. data has developed over the last couple of months,” Saxo Bank senior manager Ole Hansen said. Gold has rallied six percent over the last two weeks and is hovering near five week highs.
U.S. stock figures are fluctuating during morning trading following ongoing corporate earnings data and expectations for new industrial production figures. “Optimism over corporate earnings and the fact that there’s no end in sight to the lax monetary policy of the Fed have combined to leave equity traders on the front foot as the new week gets underway,” one analyst said. Investors will await the opening bell to see if manufacturing predictions and further earnings numbers can live up to the forecasts and drive key stock indexes higher to start the week.
At 9:40 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,351.00, Down $3.50.
- Silver, $22.53, Down $0.16.
- Platinum, $1,461.80, Up $5.30.
- Palladium, $743.80, Down $5.20.
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