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Morning Gold & Silver Market Report – 5/24/2013

GOLD HEADING FOR BEST WEEK SINCE APRIL

Gold’s negative correlation to the stock market has been on display this week, as the yellow metal is heading for its best week in the past month. Mistubishi analyst Jonathan Butler said, “The conditions are favourable for a continued role for Gold. Those loose economic policies aren't coming to an end just yet, though there are some voices in favour of a more hawkish stance in the United States.” St. Louis Federal Reserve President James Bullard said that he would need to see a rise in U.S. inflation before he voted to end the current round of quantitative easing.

Gold and Silver prices were mostly flat in early-morning trading, though turned slightly lower after the release of the U.S. durable-goods report. Durable-goods orders rose 3.3 percent, which is greater than the expected 1.4 percent rise. Also, March’s report was revised to show a smaller decline. The durable-goods report is one of the key gauges for the U.S. economy, and one that the Federal Reserve monitors when considering monetary policy.

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,393.90, Down $0.90.
  • Silver, $22.58, Down $0.04.
  • Platinum, $1,456.40, Down $2.30.
  • Palladium, $731.00, Down $9.70.

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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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