Morning Gold & Silver Market Report – 1/2/2014
CHINESE BUYING SPARKS MODEST RALLY FOR GOLD
The Gold price has rallied to start the new year as physical buying helps boost gains following the metal’s worst performance in decades. The yellow metal fell 28 percent in 2013 which influenced strong physical buying among retail investors. Bargain hunting Gold investors have lifted the price today as a large number of Chinese buyers preparing for the Lunar New Year at the end of this month are in the market for Gold today. Analysts and investors alike will wait to see if the continued progress of the global economy and further tapering of quantitative easing will put additional pressure on metals prices.
U.S. stock futures are trading lower this morning as markets digest reports of sluggish growth in China. Reports have indicated that China’s industrial output has fallen to a three-month low which will turn some focus towards domestic manufacturing as today marks the release of the Institute of Supply Management (ISM) index. This report will gauge any changes in U.S. manufacturing during the month of December. "We may see some moderation in the ISM, while the jobless claims data is less reliable at present, given the seasonal adjustment difficulties around holiday times," Bank of Tokyo Mitsubishi's Derek Halpenny said.
At 9:29 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,225.30, Up $20.50.
- Silver, $20.19, Up $0.75.
- Platinum, $1,375.00, Up $18.20.
- Palladium, $727.90, Up $9.60.
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