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Closing Gold & Silver Market Report – 5/23/2013

GLOBAL STOCK, DOLLAR WEAKNESS DRIVE GOLD UP

Lower global stock prices and weakness in the U.S. dollar pushed Gold higher today, continuing the metal’s recent streak of volatile price action.  Widespread selloffs, subsequent short covering and speculation surrounding the future of quantitative easing (QE) have been the main contributors to Gold’s instability.  Weighing in on today’s price hike, Commerzbank analyst Carsten Fritsch said, “It’s the combination of a weaker U.S. dollar and falling stock markets that pushes up Gold.  This is not surprising as the firmer U.S. dollar and rising stock markets pushed Gold down before.”

Reports of manufacturing contraction in China prompted a harsh decline in stock prices throughout Asian markets following months of evidence that industrial output has been slowing.  This news along with investor concern about QE drove U.S. stocks lower as well.  "The market is still digesting [U.S. Federal Reserve Chairman Ben] Bernanke's comments, which took everybody by surprise... but today [St. Louis Fed President James] Bullard went a little bit in the other direction saying that tightening wouldn't come that quickly and I think that is lending support," Danske Bank analyst Christin Tuxen said.  Investors, analysts and economists alike are now squarely focused on the September 17-18 Federal Open Market Committee meeting as the potential date to announce the perpetuation or tapering of monetary stimulus. 

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,392.50, Up $22.10.
  • Silver, $22.66, Up $0.08.
  • Platinum, $1,461.50, Down $9.20.
  • Palladium, $738.50, Down $15.70.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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