Closing Gold & Silver Market Report – 9/3/2013
GOLD RISES WITH SYRIA CONCERNS; GLOBAL MANUFACTURING ON POINT
Gold’s safe haven appeal continues to grow as the market reacts to the uncertainty caused by the tensions in Syria. “The rise in Gold prices is mainly due to safe-haven demand after Israel test-fired rockets in the Mediterranean Sea,” Chintan Karnani, chief analyst at Insignia Consultants in New Delhi, said. Karnani added “There are concerns that there could be indirect forms of attack on Syria before the U.S. congress [meets] next week.” Congress is expected to vote next week on the next necessary military measures for the current situation in Syria.
U.S. manufacturing was better than expected in August as the Institute for Supply Management’s index reported a rise to 55.7, the best since June 2011. “It's going to be a solid quarter for U.S. manufacturing,” said Brian Jones, a senior economist in New York at Societe Generale, who projected a reading of 55.8. “Businesses are expanding production not only to meet demand but to also build inventories. Manufacturing worldwide is impressing to the high side.” Worldwide it appears that China, Europe and the U.S. are all heading in the right direction as each region’s economy improves.
At 5:03 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,414.00, Up $15.90.
- Silver, $24.34, Up $0.81.
- Platinum, $1,539.00, Up $10.90.
- Palladium, $718.30, Down $4.60.
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