Closing Gold & Silver Market Report – 6/25/13
GOLD TRYING TO FIND SUPPORT
As the U.S. markets come to a close today, Gold has added to its losses from yesterday. Gold and other Precious Metals have been searching for some support in the market after the U.S. Federal Reserve pointed toward an exit to their easing program. “Concerns over credit-market conditions in China, rising U.S. bond yields and the uncertain economic outlook are triggering the current wave of selling. In the next few days, the commodity-specific data calendar is rather thin, so prices may find it difficult to stabilize in the absence of fresh impetus. The near-term outlook is challenging,” analysts at Credit Suisse wrote.
There were new reports released today furthering the idea of a growing economy in the United States. Despite a rise in interest rates, the housing market continues to shine. Sales of new homes increased by more than two percent, which beat forecasted projections. Another sign of a growing U.S. economy is May’s durable goods report. The report shows a rise of more than 3.5 percent, which beat forecast set by economists in the field. The durable goods report has been seen as an indication of future business activity. “This is the missing piece for an upswing in economic activity,” Millan Mulraine, director of U.S. rates research at TD Securities USA LLC, said. “Business capital investment activity is off to a strong showing. If businesses start investing, they’ll add to their workforce.”
At 5:00 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1278.80, Down $0.70.
- Silver, $19.67, Up $0.06.
- Platinum, $1352.20, Up $21.10.
- Palladium, $666.00, Up $8.40.
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