Morning Gold & Silver Market Report – 10/25/2013
GOLD HEADED FOR SECOND WEEK OF GAINS
The Gold price is headed for a two percent gain on the week, even with a slight retreat from the five-week highs attained yesterday. The U.S. dollar is trading against other currencies at a nine-month low, and U.S. Treasury yields are at three-month lows. HSBC said in a note, “The recent trend in Gold and its volatile reaction to the most recent economic release show the market is still heavily data-dependent for price direction. While we are bullish on Gold longer term, further gains may be difficult to achieve in the near term.”
U.S. stock futures are mixed in premarket trade amid earnings reports from some Dow and NASDAQ components. For S&P 500 companies that have reported so far, 52 percent surprised with positive results, and 72 percent beat expectations. For economic data, U.S. durable-goods orders for September rose by 3.7 percent, which had little effect on markets. Another report, the University of Michigan/Thomson Reuters consumer sentiment index, is due later this morning, and expectations are for a drop.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,344.40, Down $7.90.
- Silver, $22.42, Down $0.45.
- Platinum, $1,442.70, Down $14.50.
- Palladium, $737.80, Down $11.00.
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