Morning Gold & Silver Market Report – 11/8/2013
GOLD FLAT FOLLOWING FRIDAY SELLOFF
Gold is trading at even levels Monday morning following a significant price dip Friday on surprisingly upbeat employment data. As anxious traders and investors await clear signs regarding the future of U.S. monetary policy, positive jobs data fuels speculation that the Federal Reserve will soon begin tapering its monthly asset purchase program, a negative factor for Gold. Following Friday’s selloff when Gold sank below $1,300 per ounce, no new economic reports are expected to reveal anything that could considerably impact metals. "This week is data-empty and it will be a question of working out if there is a follow-through to the reaction that we saw last week and whether bond yields continue to climb, and assess how the market looks at tapering."
U.S. stock futures are also flat this morning as markets await earnings reports. Domestic stocks have realized their longest streak of weekly gains since February. “The main focus for the market is going to remain on the economy and if that feeds through to company earnings,” Alison Porter, U.S. equities fund manager at Ignis Asset Management, said. Corporate earnings will be of short-term importance to investors this week. However, stimulus tapering measures remain the overall focus to Gold and stock investors alike as analysts predict tapering to be delayed until the second quarter of 2014.
At 9:50 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,284.40, Down $2.20.
- Silver, $21.41, Up $0.04.
- Platinum, $1,435.90, Down $8.00.
- Palladium, $750.50, Down $8.40.
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