Morning Gold & Silver Market Report – 9/20/13
METALS ON TRACK FOR BEST WEEK SINCE MID-AUGUST
Precious Metals prices are giving up some of the gains posted after the U.S. Federal Reserve did not announce a plan to taper its quantitative easing (QE) program Wednesday. It appears as though profit-taking is occurring, though Gold is still on course to its best week since mid-August. In India, the world’s largest consumer of Gold, new import rules are causing confusion yet again. VTB Capital’s note read: “Jewellers are still looking into new import regulations [linking refined metals imports to end product exports], and also digesting three import duty hikes this year. It remains to be seen how Indian demand will fare in the next few weeks, as buyers return for seasonal restocking.”
U.S. stock futures are flat in pre-market trading after comments from St. Louis Federal Reserve President James Bullard said that QE tapering is possible next month. Some analysts are expecting a correction in stocks after a recent high. Naeem Aslam of AvaTrade said, “Traders are anxious every time they hear the news that a new record high is recorded, and this is certainly an opportunity to put a lid on profits. Historically speaking, when we had a high in May, this was followed by an 8 percent selloff in the Dow [Jones Industrial Average]. Similarly, after recording another record high in July, we had a selloff of nearly 5 percent in the Dow.”
At 9:24 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,355.40, Down $15.90.
- Silver, $22.70, Down $0.62.
- Platinum, $1,449.60, Down $24.40.
- Palladium, $725.80, Down $11.40.
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