Morning Gold & Silver Market Report – 7/18/2013
JOBLESS CLAIMS FALL; BERNANKE CONTINUES TESTIMONY
The Gold price gave up early gains after the release of the weekly jobless claims report, but has since recovered into the black again. The report showed a drop in new claims to the lowest level in more than two months, which should lead investors and analysts to believe the U.S. Federal Reserve will have more reason to begin tapering its quantitative easing (QE) program. Continuing claims, however, rose to the highest level since February.
Fed Chairman Ben Bernanke will continue his testimony to Congress today. Yesterday, the Gold price dipped after Bernanke stated that the plan is still in place to begin tapering QE later this year, though the Fed could alter that plan if needed, based on changing economic climate. Commerzbank analyst Eugen Weinberg said, “The market is today stabilizing as there is no more expectations for an imminent QE3 end.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,287.20, $6.70.
- Silver, $19.56, Up $0.05.
- Platinum, $1,416.00, Up $5.00.
- Palladium, $735.50, Down $0.90.
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