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Mid-Day Gold & Silver Market Report – 10/22/2013

PRECIOUS METALS GET BOOST FROM WEAK JOBS DATA

The Gold price continued to rise through mid-day trading.  A disappointing jobs report for September  helped fuel speculation that the Federal Reserve will not begin tapering its monetary easing program in the immediate future.  The news gave Gold prices a two percent boost and GoldCore’s Dublin-based executive director Mark O’Byrne said the poor jobs data has “led to safe-haven buying” in Gold.

With so much focus on September’s job report, the fact that October’s may not provide much better data is worrying U.S. officials.  Jason Furman, chairman of President Barack Obama's Council of Economic Advisers, said “I think just as interesting as this report is the first indicators of what October is going to be like.  There is no question you've seen a big deterioration in labor market indicators for October.”

At 1:34 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,343.90, Up $26.10.
  • Silver, $22.82, Up $0.51.
  • Platinum, $1,452.30, Up $12.70.
  • Palladium, $754.50, Up $3.20.

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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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