Closing Gold & Silver Market Report – 12/4/2013
GOLD TRENDS UP WITH WEAKER U.S. DOLLAR
Today, Gold made its biggest move in seven weeks as the dollar weakened and technical buying increased. “We saw gold take off as the dollar began its slide,” FuturePath trader Frank Lesh said. “Also, the strength in commodities continues to support gold and with some support coming in from technical buying.” Since November 20, when the Federal Reserve’s October meeting minutes were released speculation has grown tremendously that the Fed could begin tapering soon. This factor has had a negative impact on Precious Metals, which is one of the main reasons for price fluctuation among Gold and Silver most recently.
Positive U.S. economic data has been the fuel behind the Fed’s decision to taper its monthly bond buying program with recent manufacturing, technology and housing reports reflecting moderate numbers. “The data are consistent with an ongoing trend of moderate to sluggish growth,” Nuveen Asset Management chief economist Keith Hembre said. “I don’t expect much difference in the narrative, maybe this will be a little better and that will be a little softer, but the broad picture is one of this slow growth environment.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,245.00, Up $21.70.
- Silver, $19.73, Up $0.61.
- Platinum, $1,370.60, Up $12.80.
- Palladium, $728.00, Up $13.20.
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