Mid-Day Gold & Silver Market Report – 1/10/2013
GOLD MOUNTS MINOR RALLY ON STRENGTHENED EURO
The dollar weakened versus the euro today driving the Gold price up more than one percent. Strong Chinese export data and news that the European Central Bank (ECB) has no immediate plans to extend near-term rate cuts were the main catalysts moving the Gold price. The “ECB and Bank of England left policy in place and did not lower rates; ECB President Draghi was optimistic on stabilizing economic conditions in Europe; and then U.S. weekly jobless claims all contributed to weaker U.S. dollar, sending Gold higher,” Jeff Wright, managing director at Global Hunter Securities, said. Platinum and Palladium are also on the rise today, outpacing Gold, due to the export figures from China. Commenting on today’s jump in Precious Metals prices, one Credit Suisse analyst stated that this move is helpful and opens the door for the Gold price to make a run towards its next resistance level at $1,703.
Stocks are also trickling upward today following the positive economic news from China. Recent gains have pushed the S&P 500 to its highest level in almost five years. However, analysts do not expect any major action until corporate earnings data is reported. Many investors await earnings news and upcoming U.S. budget negotiations before committing to equities amid a continued climate of global economic uncertainty.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,677.70, Up $20.20.
- Silver, $30.90, Down $0.61.
- Platinum, $1,631.80, Down $31.80.
- Palladium, $702.60, Up $13.40.
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