Morning Gold & Silver Market Report – 8/23/2013
METALS FLAT AGAINST DOLLAR, BOND YIELDS
Gold and Silver prices are mostly flat in early morning trading. The Gold price gave up earlier gains as the U.S. dollar rebounded from losses. U.S. Treasury bond yields rose, and HSBC analysts explained, “Rising U.S. Treasury yields are historically negative for Gold, and the potential for further weakness to U.S. Treasurys may weigh on bullion… [though] sideways trading is likely to persist for the Gold market in the near term.”
In an interview with CNBC, Atlanta Federal Reserve President Dennis Lockhart said, “I would be supportive [of tapering quantitative easing] in September as long as the data [coming] in between now and then basically confirm the path we're on.” Lockhart also said that a “strong pickup in the second half and into 2014” was his economic forecast, even though recent data hasn’t supported that view.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
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- Gold, $1,373.90, Up $1.10.
- Silver, $23.19, Up $0.08.
- Platinum, $1,541.70, Up $0.60.
- Palladium, $755.30, Down $1.30.
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