Morning Gold & Silver Market Report – 10/24/2013

JOBLESS CLAIMS DISAPPOINT; RELIEF OVER CHINESE DATA

Gold and Silver prices added to gains after the release of the weekly jobless claims report.  The report showed that new claims fell by 12,000 last week, though it was far from expectations of 25,000.  Economic data continues to be scrutinized closely due to the U.S. Federal Reserve’s insistence that the data improves before tapering of its quantitative easing program is announced.  Commerzbank analyst Eugen Weinberg said, “Postponement of tapering means higher liquidity in the market, probably higher inflation risks in the longer term.  That's likely to lead to higher interest in Gold.”

U.S. stock futures held onto gains after the data release, largely due to positive economic news out of China.  After HSBC released its September Purchasing Managers’ Index (PMI) for China, many were concerned over the state of the economy with a reading of 50.2.  With readings at or below 50 signaling a contracting economy, the October report was due to be heavily scrutinized.  October’s reading came in at 50.9, which was all the good news the stock market needed to push higher.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,342.00, Up $6.00.
  • Silver, $22.75, Up $0.09.
  • Platinum, $1,450.00, Up $9.40.
  • Palladium, $750.10, Up $3.00.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 3:29:24 AM EST

Metal Bid Ask Change
Gold $1,284.60 $1,286.60 $3.50
Silver $19.41 $19.51 $0.10
Platinum $1,394.40 $1,404.40 $4.10
Palladium $781.10 $786.10 $1.50
4/23/2014 3:29:24 AM EST

Click here for Historical Charts*All Charts are in USD


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