Mid-Day Gold & Silver Market Report – 10/22/2013
PRECIOUS METALS GET BOOST FROM WEAK JOBS DATA
The Gold price continued to rise through mid-day trading. A disappointing jobs report for September helped fuel speculation that the Federal Reserve will not begin tapering its monetary easing program in the immediate future. The news gave Gold prices a two percent boost and GoldCore’s Dublin-based executive director Mark O’Byrne said the poor jobs data has “led to safe-haven buying” in Gold.
With so much focus on September’s job report, the fact that October’s may not provide much better data is worrying U.S. officials. Jason Furman, chairman of President Barack Obama's Council of Economic Advisers, said “I think just as interesting as this report is the first indicators of what October is going to be like. There is no question you've seen a big deterioration in labor market indicators for October.”
At 1:34 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,343.90, Up $26.10.
- Silver, $22.82, Up $0.51.
- Platinum, $1,452.30, Up $12.70.
- Palladium, $754.50, Up $3.20.
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