Closing Gold & Silver Market Report – 12/2/2013
GOLD DOWN ON MANUFACTURING DATA; STOCKS DECLINE ON MIXED HOLIDAY SHOPPING
In response to the better-than-expected U.S. manufacturing data released today, the price for Gold dropped in afternoon trading, settling to its lowest level since early July of this year. Prices for Silver, Platinum and Palladium ended the day down as well. According to the Barclays Global Macro Survey published November 27, a majority of investors surveyed believe that over the next three months, equities will be the most profitable investment class.
U.S. stocks also ended the day down, responding to investor concerns about the holiday shopping season’s mixed start and the jobs report scheduled to come out this Friday. Ian Kerrigan, investment specialist at J.P. Morgan Private Bank, said, “We were kind of expecting a down week after eight weeks of being up.” He added, “We've had such a strong year, if the market wants to take a break in December, it's well deserved.” Today’s drop marks an end to a winning streak of nearly two months for both the Dow Jones Industrial Average and the S&P 500, with the Dow in particular experiencing its biggest decline since November 7.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,221.10, Down $31.30.
- Silver, $19.17, Down $0.88.
- Platinum, $1,344.00, Down $26.30.
- Palladium, $712.10, Down $7.50.
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