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Mid-Day Gold & Silver Market Report – 1/10/2013

GOLD MOUNTS MINOR RALLY ON STRENGTHENED EURO

The dollar weakened versus the euro today driving the Gold price up more than one percent. Strong Chinese export data and news that the European Central Bank (ECB) has no immediate plans to extend near-term rate cuts were the main catalysts moving the Gold price. The “ECB and Bank of England left policy in place and did not lower rates; ECB President Draghi was optimistic on stabilizing economic conditions in Europe; and then U.S. weekly jobless claims all contributed to weaker U.S. dollar, sending Gold higher,” Jeff Wright, managing director at Global Hunter Securities, said. Platinum and Palladium are also on the rise today, outpacing Gold, due to the export figures from China. Commenting on today’s jump in Precious Metals prices, one Credit Suisse analyst stated that this move is helpful and opens the door for the Gold price to make a run towards its next resistance level at $1,703.

Stocks are also trickling upward today following the positive economic news from China. Recent gains have pushed the S&P 500 to its highest level in almost five years. However, analysts do not expect any major action until corporate earnings data is reported. Many investors await earnings news and upcoming U.S. budget negotiations before committing to equities amid a continued climate of global economic uncertainty.

At 1 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,677.70, Up $20.20.
  • Silver, $30.90, Down $0.61.
  • Platinum, $1,631.80, Down $31.80.
  • Palladium, $702.60, Up $13.40.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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