Morning Gold & Silver Market Report – 9/13/2013
INVESTORS AWAIT FED MEETING
U.S. stock futures point to a moderately higher open for Wall Street after the release of lower than expected retail sales data. Investors seem to be holding firm on positions ahead of next week’s U.S. Federal Reserve meeting. Spreadex financial sales trader Max Cohen said, “With the Federal Reserve meeting next week to discuss potential reductions to monthly bond purchases, and with developments in Syria moving along at a snail’s pace, it is understandable that investors are tempted to hold fire for the next week or so.”
The Gold price pared losses after the economic release this morning, and many analysts believe the yellow metal will find support at the $1,300 per ounce level. It appears that an expectation for quantitative easing tapering is being priced into the market ahead of next week’s Fed meeting, but a Hong Kong-based Gold dealer told CNBC that support is coming from elsewhere. The dealer said, “At current price levels, we can see some physical buying interest from local buyers in Hong Kong and China. Both jewelers and retail investors are coming to buy. It looks like we are trading on the downside but right now, we can see buying interest on the physical side supporting the market.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,322.00, Down $10.60.
- Silver, $21.97, Down $0.20.
- Platinum, $1,443.80, Up $0.10.
- Palladium, $699.00, Up $7.30.
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