Mid-Day Gold & Silver Market Report – 12/13/2013
GOLD TO FINISH WEEK HIGHER AS INVESTORS AWAIT FED MEETING
Gold is trading higher today after a substantial dip yesterday. The yellow metal is set to finish the week in positive territory as investors and traders prepare for the outcome of next week’s Federal Open Market Committee (FOMC) meeting. Some analysts have indicated that improvement in the U.S. economy has been significant enough for the Federal Reserve to announce an initial taper of quantitative easing measures as early as next week following the FOMC assembly. “Taper-talk is dominating the headlines ahead of next week’s Fed meeting and we have seen some pretty wild swings in Comex Gold futures as a result,” Tyler Richey, an analyst for the 7:00’s Report, said.
After reaching a new all-time high last week, the S&P 500 is set to record its largest weekly dip since August. Poor performance in key sectors today outweighed optimistic news that officials in Washington were able to reach a budget solution for the coming year. “Investors are a little tired after 12 months of the market,” John Manley, chief equity strategist for Wells Fargo Funds Management, said. “The budget accord is a plus right now, but there are more technical forces at work. People are looking for gains before year-end.”
At 1:02 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,237.20, Up $9.80.
- Silver, $19.70, Up $0.20.
- Platinum, $1,366.40, Down $1.00.
- Palladium, $717.40, Down $2.90.
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