Morning Gold & Silver Market Report – 12/2/2013
GOLD STARTS LOWER AHEAD OF ECONOMIC REPORTS
Economic data continues to pressure Gold as investors await the release of key data due later in the week. Anticipation of nonfarm payroll numbers, third quarter GDP and manufacturing purchasing managers index (PMI) are weighing on metals today, pushing Gold down to a one-week low. "We are starting the week and month on a weak footing, carrying on a little bit of the themes that we left last week … the focus is back on the U.S. data, with the nonfarm payrolls on Friday," Saxo Bank senior manager Ole Hansen said. Focus remains on the future of the U.S. Federal Reserve’s monetary easing program. Further optimistic data could influence Fed officials to begin tapering the monthly injections of $85 billion sooner than expected.
While Gold and Silver are suffering early losses, stock futures are trading flat following the Thanksgiving holiday. Along with Gold bugs, equities investors will also eye this week’s economic data as well as earnings from large corporate retailers to gain insight into forthcoming price movement. However, the most important piece of data will be the monthly nonfarm payroll numbers, which are seen as the most integral factor in determining the future of the Fed’s stimulus program.
At 9:50 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,237.20, Down $15.20.
- Silver, $19.68, Down $0.38.
- Platinum, $1,357.60, Down $12.70.
- Palladium, $718.00, Down $1.60.
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