Closing Gold & Silver Market Report – 8/22/2013
GOLD STEADIES AS STRONGER DOLLAR OUTWEIGHS CHINESE MANUFACTURING DATA
Better-than-expected Chinese manufacturing data helped to modestly boost Gold futures Thursday though strength in the dollar softened the chance of more substantial gains. “The flash (HSBC Purchasing Managers’ Index) reading indicates that China’s economy is growing faster than the consensus had been expecting, and this is bullish for Gold and other commodities,” Brien Lundin, editor of Gold Newsletter, said. Manufacturing in China has been showing signs of mild contraction in recent months, but today’s reports to the contrary are positive for the Gold price.
Major U.S. equities indices realized gains on positive global manufacturing data and strong employment numbers even as the Nasdaq flat lined for three hours following a computer error. “The employment numbers were encouraging and showed a continuation of slow growth in employment,” Paul Mangus, head of equity strategy and research for Wells Fargo Private Bank, said. “There are signs of stabilization in China and improvement in Europe, which could help U.S. multinationals in the long run.” Stocks have softened lately on anticipation of a reduction in quantitative easing measures by the Federal Reserve. Though stocks are down after reaching record highs, quarterly earnings data for 71 percent of S&P 500 companies have surpassed profit projections. Investors will continue to anxiously await any stimulus tapering news to see how markets will react to a slowdown in the monthly injections of liquidity.
At 5:10 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,378.30, Up $6.20.
- Silver, $23.24, Up $0.20.
- Platinum, $1,542.60, Up $22.50.
- Palladium, $756.60, Up $8.20.
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