Morning Gold & Silver Market Report – 7/30/2013
GOLD DEMAND, PREMIUMS SWELL IN INDIA
Precious Metals prices are slightly lower this morning on anticipation of economic data and the Federal Open Market Committee (FOMC) meeting later this week. Physical demand for Gold in India, the world’s largest consumer of the metal, increased this week as the country’s central bank instituted new rules in an attempt to reign in its swelling trade deficit. Due to new restrictions, Bachhraj Bamalwa of All India Gems and Jewellery Trade Federation explained, “Premiums are increasing as there is no Gold available. No one in India is able to import for now, due to the new regulations and a lack of clarity on the operational procedures.” Demand is still very high in India and will only grow with supply issues for citizens.
U.S. stock futures gained in morning trading, following the lead from European stocks overnight. Ishaq Siddiqi of ETX Capital said, “[U.S. Federal Reserve Chairman Ben] Bernanke’s testimony to U.S. Congress earlier this month cleared up much confusion over tapering for investors, so little is expected from the Fed other than perhaps some updated projections of the U.S. economy, which should reaffirm that a recovery remains in train.” Economic data to be released today is expected to have little impact on markets, with housing and consumer-confidence data on tap.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,327.50, Down $4.10.
- Silver, $19.85, Down $0.10.
- Platinum, $1,440.60, Down $3.10.
- Palladium, $740.00, Down $6.10.