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Closing Gold & Silver Market Report – 12/10/2013

WEAK DOLLAR BOOSTS GOLD

The U.S. dollar fell today, propping up Precious Metals and causing Gold to realize its largest single-session bump in almost two months.  “The dollar has weakened, so that is helping Gold,” TD Securities head of commodity strategy Bart Melek said. “We had seen some aggressive short positions being taken. Some of that is being taken off as many people feel that Gold isn’t dropping into the precipice. It’s no longer a one-way bet.”  With an onslaught of selling over the last two weeks on fears of an imminent U.S. Federal Reserve taper, Gold had experienced a decline that brought the metal down to its lowest level in five months last week.  The price drop has since caused a fresh round of bargain buying, both physical and electronically. 

U.S. stocks have fallen today as equities investors continue to eye budget negotiations in Washington and positive economic data which point to an impending Fed stimulus taper.  “In front of the prospect of a budget deal and the Fed’s meeting next week, there’s a little bit of nervousness,” Dan Greenhaus, chief global strategist with BTIG LLC, said. “You’re inclined to trade sideways and I think that’s what’s happening. We had a very strong day on Friday, so some digestion of a more than 1 percent move up is not out of the question.”  Jobs data, the outcome of U.S. budget negotiations and overall domestic macroeconomic data will continue to remain the focus of stock and Precious Metals investors in the short-term. 

At 5:24 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,263.20, Up $26.50.
  • Silver, $20.43, Up $0.68.
  • Platinum, $1,389.80, Up $19.30.
  • Palladium, $739.10, Up $4.10.

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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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