Morning Gold & Silver Market Report – 12/30/2013
GOLD DOWN IN THIN MORNING TRADING DURING HOLIDAY SEASON
Gold is down this morning as growing enthusiasm for higher-risk assets amid a growing global economy continues to pressure the yellow metal heading into 2014. Low trading volume during the holiday season is expected to keep Gold inside a confined trading range as the metal is set to close out the year lower for the first time since 2000. Initial tapering of the Federal Reserve’s monetary easing program has lately been the central motivator for lower Precious Metals prices. Investors will await the New Year before adding new positions as many bargain hunting investors are taking advantage of Gold’s lower spot price.
Stock futures remain flat this morning as the S&P 500 looks to rally for a third straight week. The benchmark index is on pace to realize its largest annual gain since 1997. Improvements in the global economy and increased investor confidence have boosted equities this year as stocks look to continue their rally into 2014. Joseph Tanious, global market strategist at JPMorgan Asset Management, said, “On the back of an improving economic backdrop, and confidence, markets move higher.”
At 9:17 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,209.20, Down $7.30.
- Silver, $19.74, Down $0.37.
- Platinum, $1,365.10, Down $16.30.
- Palladium, $716.70, Up $4.80.
For more APMEX reviews of daily and weekly Precious Metals market activities, visit our News and Commentaries page.
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