Morning Gold & Silver Market Report – 11/27/2013
GOLD UP ON MIXED DATA
Gold held on to gains this morning after economic data was released. Though weekly jobless claims unexpectedly declined, durable-goods orders dropped by 2 percent in October. Most analysts didn’t expect much movement the day before the Thanksgiving holiday. Societe Generale analyst Robin Bhar said, “I wouldn't expect much happening with Thanksgiving tomorrow … but, if the data today comes in positive, there is always the question of whether the [Federal Reserve] could move to announce [quantitative easing] tapering in December or January.”
The final minutes of trading Tuesday saw stocks lose out on some gains. Most economists aren’t putting much stock into the late movement, as Stephen Guilfoyle, chief economist at Sarge986.com said, “Perhaps there was some conviction in the late-day selloff, or perhaps some traders closed out their positions today (Tuesday) and we’ll see them again on Monday.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,252.90, Up $9.00.
- Silver, $19.99, Up $0.09.
- Platinum, $1,377.70, Up $4.80.
- Palladium, $723.80, Up $6.00.
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