Mid-Day Gold & Silver Market Report – 12/23/2013
GOLD KEEPS $1,200 IN MORNING TRADING
The Gold price remained relatively flat in morning trading, with the yellow metal still atop $1,200 per ounce. Looking towards the future, “We think that the Fed may become slightly more hawkish next year, when it comes to winding down their ultra-loose monetary policy. This could add further pressure for gold,” Naeem Aslam, chief market analyst at Ava trade, said. Moudi Raad of MKS added that Gold is facing a couple of hurdles in 2014, if looking at the investment in a purely fundamental manner. “The lack of yield that gold provides, as well as its poor price action this year, doesn’t bode well for the coming weeks/months ahead as share prices continue their push higher, whilst inflation is well and truly in check at the moment,” Raad said.
U.S. stocks continue to climb as the Dow Jones Industrial Average and the S&P 500 continue their trend of setting new record highs. Bill Stone, chief investment strategist at PNC Asset Management Group, said, “The combination of the Federal Reserve's 'taper-lite,' a two-year budget deal, and better-than-expected U.S. economic data could support the seasonal pattern of abnormally strong market returns during the holidays.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,200.10, Down $6.10.
- Silver, $19.51, Down $0.01.
- Platinum, $1,331.20, Down $4.00.
- Palladium, $695.50, Down $3.20.
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