Morning Gold & Silver Market Report – 7/3/2013
DATA BRING STOCKS, METALS DOWN
A smattering of economic data released this morning caused U.S. stock futures and Precious Metals prices to fall, though stocks only added to losses while Precious Metals had been hanging on to gains. This downward trend started after the ADP’s private sector jobs report showed a better than expected increase, and continued after data showed the U.S. trade deficit widened by 12.1 percent and jobless claims fell by just 5,000.
Gold and Silver prices were kept from climbing higher by a stronger U.S. dollar, which is reacting to news out of the eurozone that brings Greece and Portugal’s debt situation back in focus. Political issues in Portugal and concern over Greece receiving its next round of bailout money kept European stocks down overnight. Commerzbank analyst Daniel Briesemann said, “Prices are treading water at the moment and a firmer dollar is capping further increases. Debt crisis in Greece and Portugal, which seem to be back in focus, is weighing on equities and possibly leading to some higher demand for Gold, but on the other end we are still seeing outflows from ETFs and that's negative.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,253.00, Up $7.60.
- Silver, $19.77, Up $0.38.
- Platinum, $1,367.10, Down $0.70.
- Palladium, $684.00, Down $4.90.
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