Mid-Day Gold & Silver Market Report – 11/15/2013
GOLD LOWER AS INVESTORS DIGEST NEWS
Precious Metal prices continued to slightly waiver through mid-day trading, but are still on track for a weekly gain. After last week’s U.S. nonfarm payroll report pressured Gold by sparking speculation that the Federal Reserve would begin its quantitative easing tapering in December, Fed Chair nominee Janet Yellen’s comments supporting continued easing gave the yellow metal a boost. When asked about the metal’s movement Friday, CMC Markets senior market analyst Colin Cieszynski said it “mainly appears to be the metal digesting the big moves of recent days.”
Equity markets around the globe rose Friday after comments made by Janet Yellen sparked a rally in riskier assets. Jeff Knight, head of global asset allocations at Boston-based Columbia Management, said, “There's a sincere expectation that monetary policy will be calibrated according to economic conditions.”
At 1:56 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,288.60, Up $0.30.
- Silver, $20.79, Up $0.01.
- Platinum, $1,442.00, Down $3.10.
- Palladium, $733.60, Down $7.70.
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