Morning Gold & Silver Market Report – 2/10/2014
YELLEN’S FED TESTIMONY IN FOCUS
The Gold price is still benefiting from the weak U.S. jobs report released Friday. This week, all eyes are on Janet Yellen’s first testimony to Congress as the head of the U.S. Federal Reserve. Yellen will speak to the House of Representatives Tuesday, and the Senate on Thursday. Standard Bank analyst Walter de Wet said, “From a macro data perspective Yellen's testimony is the main event because it's her first big official speech. The market perception is that she is a dove and that should be at least on the margin positive for gold ... but this may turn out to be a non-event for the fact that everybody expects it to be quite dovish.”
U.S. stock futures point toward a lower open for Wall Street as investors question last week’s rally. Monday is a quiet day for economic data and business data. Some were hoping for a further rise in equities after the Chinese central bank reported that it would keep monetary policy loose in that country, but it turned out to be a non-factor in the U.S.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,276.20, Up $11.30.
- Silver, $20.26, Up $0.26.
- Platinum, $1,391.90, Up $10.70.
- Palladium, $720.40, Up $10.60.
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