Morning Gold & Silver Market Report – 12/13/2013
SMALL REBOUND FOR GOLD AHEAD OF FED MEETING
Gold and Silver prices are slightly higher this morning, benefiting from yesterday’s dip and buying opportunity. Investor focus continues to be on next week’s Federal Open Market Committee meeting, where some expect an announcement on the fate of the Fed’s Quantitative Easing program. VTB Capital analyst Andrey Kryuchenkov doesn’t expect an announcement, but rather something to prepare the markets for the future. He said, “I don't think there'll be any substantial changes to the (Fed) policy or any big surprises. It will probably be a slightly hawkish statement preparing the market for the initial tapering in the first quarter of next year.”
U.S. stock futures are also trading higher in early-morning trading, although all major indexes are poised for a weekly loss. Speculation is growing that a budget deal in Washington, which passed the House Thursday and is expected to pass the Senate next week, could lead the way to a tapering announcement from the Fed. Recent strong economic data and a higher trend for U.S. treasury yields are lending to that speculation as well.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,236.20, Up $8.80.
- Silver, $19.63, Up $0.13.
- Platinum, $1,371.00, Up $4.60.
- Palladium, $724.10, Up $3.90.
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