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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