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Mid-Day Gold & Silver Market Report – 9/9/2013

TWIN CONCERNS’ KEEP GOLD PRICE STEADY

The Gold price remained flat in morning trading amid speculation over the U.S. Federal Reserve’s quantitative easing (QE) program and concerns over U.S. involvement in the situation in Syria. Speaking to last week’s economic data, VTB Capital’s Andrey Kryuchenkov said, “The much-awaited U.S. August jobs report provided little insight into the Fed's policy decision on September 17-18. [The decision on QE tapering] can still go either way, and players will choose to play it safe without committing to fresh longs until then.”

U.S. stocks are trading higher, though European stocks fell overnight. Richard Hunter of Hargreaves Lansdown said, “We saw a reasonable start today on the back of some decent economic data from China and strong Japanese share prices after Tokyo was named Olympic city, but unfortunately we’ve moved back on the twin concerns of Syria and U.S. tapering of QE. The script hasn’t particularly changed from last week and in the absence of any concrete resolutions of those two concerns, markets are likely to stay volatile.”

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

  • Gold, $1,387.50, Down $1.00.
  • Silver, $23.70, Down $0.22.
  • Platinum, $1,484.50, Down $12.20.
  • Palladium, $682.10, Down $13.70.

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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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