Morning Gold & Silver Market Report – 12/27/2013
LOW TRADING VOLUME KEEPS GOLD EVEN NEAR YEAR-END
Gold is trading slightly higher on Friday morning as 2013 comes to a close. Physical buying is helping to buoy the metal as low trading volume fails to spark any significant price movement. A strong stock market rally and perceived improvement to domestic and global economies has had a negative impact on Gold as the metal will close out the year lower for the first time in 12 years. "The market is really focusing on this pick-up in economic growth that we continue to see in the United States," Saxo Bank senior manager Ole Hansen said. As Gold settles just above $1,200 to close out the year, many physical buyers of Precious Metals continue to take advantage of what they view as discounted prices.
U.S. equities are looking to trade higher again on Friday as holiday buying looks to boost retail stocks following an all-time high for the Dow Jones Industrial Average on Thursday. As stocks look to extend gains for a seventh straight session today, the Dow is headed for its largest annual gain since 1996. As employment numbers continue to make modest improvements and global growth remains slow but steady, analysts and investors wonder what 2014 has in store following this year’s mega-rally.
At 9:37 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,218.30, Up $3.50.
- Silver, $20.11, Up $0.14.
- Platinum, $1,378.80, Up $12.50.
- Palladium, $713.80, Up $13.10.
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