Morning Gold & Silver Market Report – 6/12/2013
STOCK MARKETS STABLIZE; GOLD UNCERTAIN
European markets are up, and Asian markets pared early losses today as the U.S. stock market is set to open on a positive note from rising futures trading. Stocks in Europe were up today after better-than-expected data was released showing the area’s industrial output increased for April. Investors will likely keep their eyes on central bank policies, specifically from the U.S. Federal Reserve. Matthew Sherwood, the Sydney-based head of investment market research at Perpetual Ltd., said, “There’s lots of confusion around the world at present about what central bank policy means for the outlook of the global economy, earnings and valuations. The Fed is likely to continue to be ambiguous about its next step, probably because it’s not sure. This will see markets continue to be volatile.”
The Gold price stabilized overnight on Wednesday, but is still feeling pressure as loose monetary policy may be coming to a close. Analysts predict that volatility in the financial markets may continue until the Fed’s meeting later this month. Pradeep Unni, senior analyst at Richcomm Global Services, said, “Technically Gold will be under extreme pressure as long as $1,421 is not breached on a closing basis. … Markets will however wait for cues from the Fed next week.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,377.60, Down $1.40.
- Silver, $21.81, Up $0.04.
- Platinum, $1,483.60, Up $2.20.
- Palladium, $755.50, Up $3.00.