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Morning Gold & Silver Market Report – 7/2/2013

INVESTORS AWAIT DATA

Precious Metals prices are mostly flat this morning, as Gold eyes a third straight day of gains. Societe Generale metals analyst Robin Bhar explained, “It is a short-covering bounce after the losses seen last week, and people are now data-watching and want to see how this impacts on the [Federal Open Market Committee] policy.” Mixed results from economic data are forcing investors to question how soon the U.S. Federal Reserve’s tapering of the quantitative easing program will begin.

After a pullback in European and Asian stocks, U.S. stock futures are attempting to hold onto gains this morning. UBS strategist Stephanie Deo said, “We believe that the markets have overreacted since the recent Fed announcement on June 19. The selloff in Treasuries is believed to be over and the equity correction was not warranted.” Investors are now waiting for the next big data event: Friday’s release of the June jobs report.

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

  • Gold, $1,254.20, Down $3.50.
  • Silver, $19.69, Up $0.02.
  • Platinum, $1,377.10, Down $5.40.
  • Palladium, $687.80, Up $1.10.

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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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