Morning Gold & Silver Market Report - 10/21/2013
MARKETS STEADY AHEAD OF EMPLOYMENT NUMBERS, COPRORATE EARNINGS
U.S. stock futures are trading flat to start the week as investors weigh corporate earnings data and await economic reports that were delayed by the recent government shutdown. In recent months, the most highly anticipated U.S. economic reports have been those revealing the state of domestic employment. “The U.S. nonfarm-payroll data will kick start the economic engine tomorrow, and if there was no government shutdown, this economic data could have been the key factor in determining the tapering quiz for the Federal Reserve’s chairman, Ben Bernanke,” Naeem Aslam, chief market analyst at Avatrade, said. Following the recent government closure, some analysts predict the non-farm payroll numbers to be slightly skewed. The sense that employment data could be unreliable makes corporate earnings figures the central focus of investors and traders looking to gain a sense of the market’s short term direction.
Gold is trading even on Monday morning as last week’s four percent price rally appears to have cooled slightly. Short-term momentum was gained on expectations that the U.S. government shutdown damaged U.S. growth and would give the Federal Reserve no choice but to continue its quantitative easing program. Precious Metals investors will await this week’s economic reports and corporate earnings numbers to gain perspective on the trajectory of Gold and Silver prices.
At 9:28 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,319.70, Up $3.10.
- Silver, $22.35, Up $0.40.
- Platinum, $1,439.80, Up $1.00.
- Palladium, $748.90, Up $7.20.
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