Mid-Day Gold & Silver Market Report – 12/9/2013
GOLD’S RECENT MOVEMENT A ‘WELCOME SIGN’ FOR INVESTORS
Gold and Silver prices rose slightly in morning trading. “The fact that gold failed to fully penetrate its prior lows from last week is a welcome sign for bullish investors. This has helped to prevent it from closing below that long-term bullish trend line around $1,225,” Fawad Razaqzada, technical analyst at Forex.com, said. Commerzbank analysts believe that the Gold price is in for a bright 2014, although it may be a rough start for the yellow metal. They believe “The debate about the scaling back of the [Federal Reserve’s] bond purchases will remain a negative factor for the gold price at the beginning of 2014.”
Federal officials from Richmond, St. Louis, and Dallas will speak today, making the last public comments from Fed officials until the policy meeting next week. With recent rumors about a potential budget deal being struck in Washington before the Christmas recess, some are expecting the Fed to follow with an announcement of quantitative easing tapering.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,235.80, Up $4.30.
- Silver, $19.74, Up $0.17.
- Platinum, $1,370.00, Up $11.70.
- Palladium, $735.80, Down $0.40.
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