Closing Gold & Silver Market Report – 10/25/2012
GOLD FINISHES UP; FUTURE INFLATION POSSIBLE
U.S. stocks closed the day slightly higher on positive reports for the global economy. Gold closed up after finishing Wednesday on a seven-week low. It appears that investors had been wagering on a continued decline in the Precious Metal by selling to take advantage of higher prices. Recent news of the U.S. central bank’s reassurance of its policy on interest rates and increased demand from India has encouraged some domestic buyers to jump back in.
There is a growing sense that U.S. consumers will face higher health care, grocery and other bills in 2013. Scott Hoyt, senior director of consumer economics for Moody’s Analytics is quoted saying, “We think it’s going to be a difficult six to nine months.” The expiration of tax cuts and expected spikes in food prices could put a 0.8 percent dent in economic growth next year.
At 4 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,713.20, Up $11.10.
- Silver, $32.18, Up $0.54.
- Platinum, $1,563.30, Up $5.10.
- Palladium, $604.10, Up $10.40.
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