Morning Gold & Silver Market Report – 10/25/2012
FESTIVAL SEASON IN INDIA SPURS GOLD DEMAND
Precious Metals prices are rising this morning thanks, in part, to a softer U.S. dollar. Playing a part in Gold’s price increase is physical demand in India, as festival season starts. Edel Tully of UBS AG said, “After India’s festival celebrations yesterday, physical buying is starting on a strong footing today. Perhaps now Gold has visited the lows would-be buyers can actually consider buying the metal again.” Central banks are also increasing physical Gold buying, with Brazil increasing its Gold reserves last month.
The weekly jobless claims report sent mixed signals to investors this morning. Claims fell by 23,000, though the four-week moving average rose. The report on durable goods rose more than expected last month. Economists expected durable goods orders to rise, and the report confirmed their predictions. Precious Metals prices were little changed immediately after the release of these reports, paring gains very mildly.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,715.60, Up $13.90.
- Silver, $32.16, Up $0.53.
- Platinum, $1,572.80, Up $12.60.
- Palladium, $606.10, Up $12.30.
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