Morning Gold & Silver Market Report – 11/5/2013
CURRENCY TRADE KEEPS GOLD, SILVER FLAT
Gold and Silver prices remain mostly flat in morning trading. The euro’s relationship to the U.S. dollar continues to be the main factor on the Gold price. Natixis analyst Bernard Dahdah explained, “We've seen recently that the dollar has been strengthening because the euro is weakening. The euro's appreciated by some 2 percent, and at the same time the Gold price has dropped by almost 3 percent. Looking forward, it will be interesting to see what the [European Central Bank] has to say, and whether they will continue with quantitative easing. We just have to wait and see.”
U.S. stock futures turned negative on reports of poor economic growth in the eurozone. Alpari U.K.’s research analyst Joshua Mahony said, “In terms of the eurozone picture, what you’re looking at really is the fact that people have bought into this recent rally a bit too much. It was a bit overbought in the first place.” The main focus of investors now shifts to U.S. Federal Reserve officials set to speak Tuesday afternoon. Investors will have the chance to analyze the statements made for clues as to the timing of quantitative easing tapering, which has been a main factor in the Gold price of late.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,316.80, Up $0.10.
- Silver, $21.76, Up $0.02.
- Platinum, $1,453.50, Down $3.70.
- Palladium, $747.50, Down $3.00.
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