Closing Gold & Silver Market – 11/5/2013
MARKETS LITTLE CHANGED; INVESTORS AWAIT QE TAPERING SIGNS
The Gold price fell slightly today to reach a two-week low as U.S. service industries grew fast enough to influence Federal Reserve officials to potentially begin tapering its quantitative easing measures. “The better-than-expected ISM number increases speculation whether tapering will begin in December or not,” R.J. O’Brien & Associates’ senior commodity broker Phil Streible said. Strength in the U.S. dollar versus other leading world currencies along with bearish sentiment among short-term investors continues to put pressure on Precious Metals prices.
Along with minimal movement in Precious Metals markets, U.S. stocks moved only slightly lower on Tuesday following two straight sessions of gains. "When the market gets to these levels, near all-time highs, it's almost like the whole market is saying, 'when is the next shoe going to drop,' so I just think it's nervous trade," TD Ameritrade’s chief strategist JJ Kinahan said. After reaching record highs last week and news of weak eurozone expansion projections for 2014, stocks are taking a breather. Investors will await Friday’s unemployment numbers to gain new insight into the future of the Fed’s stimulus program.
At 7:32 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,313.00, Up $2.90.
- Silver, $21.74, Down $0.05.
- Platinum, $1,453.50, Up $2.50.
- Palladium, $753.60, Up $2.30.
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