Closing Gold & Silver Market Report – 07/02/2013
U.S. STOCKS CLOSE DOWN; GOLD STRUGGLES AGAINST DOLLAR
Solid numbers from automobile sales and factory orders weren’t enough to keep stocks in the black today as investors began to look ahead to the jobs report, due Friday. The decline started after New York Federal Reserve President William Dudley confirmed the U.S. Federal Reserve’s stance on rate hikes and their intentions for scaling back the quantitative easing program. His speech didn’t seem to help the market, though. One upside is that trading volume in general should be light this week due to the U.S. stock market closing at 1 p.m. (ET) on July 3 and being closed all day Thursday for the Fourth of July holiday.
The Gold price is still struggling against a strong U.S. dollar. Early Tuesday, Gold had gained much of the ground lost last week but those gains were short lived as money managers used the opportunity to sell out of long positions. Phillip Streible, senior commodities broker at R.J. O'Brien in Chicago, said, "The dollar index is strengthening quite a bit, equities are strengthening and you're seeing interest rates go up. That seems to be the perfect storm against the metal at the moment.” Investors seem hesitant to move much before both the holiday and Friday’s jobs numbers. A strong reading could be positive for the dollar but could push the Gold price lower.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,244.80, Down $12.90.
- Silver, $19.43, Down $0.24.
- Platinum, $1,368.90, Down $13.60.
- Palladium, $686.00, Down $0.80.
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