Mid-Day Gold & Silver Market Report – 1/23/2014
GOLD PRICES RISE WITH WEAKER DOLLAR AND CHINESE DATA
Gold prices continue to rise as investors digest news of a weaker U.S. dollar and the possibility of higher demand in one of the world’s largest Gold purchasing countries, India. Sonia Gandhi, leader of India’s Congress party, has reportedly asked the Indian government to relax Gold import curbs. “Should restrictions be lifted, then gold demand won’t just return to previous levels but there will be an explosion of pent up demand to begin with,” Jan Skoyles head of research at The Real Asset Co., said.
U.S. stocks declined rapidly Thursday as investors domestically and internationally considered disappointing manufacturing data from China. When asked his thoughts on the Chinese news weighing on Wall Street, Robert Pavlik, chief market strategist at Banyan Partners said, “as far as economic growth is concerned, and the potential for it to lead to pressure on loans they have outstanding; that's weighing on the market.”
At 9:45 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,266.90, Up $25.20.
- Silver, $20.10, Up $0.22.
- Platinum, $1,461.70, Down $2.70.
- Palladium, $745.10, Down $3.80.
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