Morning Gold & Silver Market Report – 1/28/2013
U.S. DOLLAR SHOWING STRENGTH; GOLD HOVERING
The dollar is regaining some ground against foreign currencies. Late Friday, the WSJ Dollar Index was up against the broad basket of six currencies and in overnight trading the ICE dollar index also showed gains. Crédit Agricole chief global forex strategist Mitul Kotecha said, “a heavy slate of U.S. data releases this week will keep markets busy, but overall we see little to dent the positive tone to risk assets over coming sessions.” Wednesday will see a Federal Reserve policy decision and Friday’s jobs report is of key interest.
The Federal Reserve meeting scheduled for this week is keeping a lid on the Gold price. Investors are being cautious as they await more news on the Fed’s QE program. MKS Finance's head of marketing, Frederic Panizzutti, said, “The market is on hold ahead of the U.S. Federal Reserve's meeting, and expects comments on further quantitative easing measures.” He continued to say Gold investors would be watching the euro/dollar movements for signs of what is going to happen. Wednesday should give us the next short-term direction for Gold.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,656.10, Down $2.50.
- Silver, $31.02, Down $0.23.
- Platinum, $1,684.00, Down $10.90.
- Palladium, $744.10, Up $2.10.
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