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Mid-Day Gold & Silver Market Report – 11/27/2013

GOOD ECONOMIC FIGURES REVERSE EARLIER GAINS FOR GOLD

Precious Metals have pared early gains following a batch of positive economic data.  Reports showing stronger consumer sentiment in the U.S. and the eurozone, a drop in U.S. jobless claims and solid growth in the U.K. helped temporarily cool the demand for Gold and Silver as domestic investors continue to view upbeat economic news as bearish for Precious Metals.  While prices dipped slightly in the U.S., physical Gold demand remains strong as lower prices offer a buying opportunity for retail investors and central banks.  “The very high imports are primarily an expression of China’s undiminished appetite for gold,” Commerzbank AG analysts said. “Traders and jewellers continue to seize every opportunity to buy gold in response to noticeably increased demand among retail investors for jewelry, coins and bars in the wake of the price fall.”

While the Gold price remains under pressure, U.S. stocks were lifted by today’s economic news.  “Today good news economically is good news for the market,” Jim McDonald, chief investment strategist at Northern Trust Corp., said.  “We got a dose of better data and that’s giving a bid to stocks.”  Continued news of improved consumer outlook along with better jobless numbers will weigh on the minds of investors who see positive news as an indicator of impending an reduction in the Federal Reserve’s monetary stimulus measures. 

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,243.30, Down $0.60.
  • Silver, $19.73, Down $0.18.
  • Platinum, $1,353.40, Down $19.50.
  • Palladium, $723.80, Down $1.70.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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