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Market Reports

Mid-Day Gold & Silver Market Report – 8/13/2013


Even as trading volume remains low during the summer season, Gold is down halfway through Tuesday’s session as a stronger dollar and reports of an increase on Indian import taxes weigh on the metal.  However, July retail sales data came in below target, leaving many economists wondering whether tapering of the U.S. Federal Reserve’s quantitative easing program is currently premature.  As Gold has fallen more than 20 percent during 2013, Gold investors remain focused on domestic economic news for any signs that might indicate the Fed is prepared to reduce its present bond purchase package. 

U.S. stocks are down for a third straight session today following July’s disappointing retail sales reports.  Following June’s  retail sales rise of 0.6 percent, July figures fell short of the 0.3 percent growth projected and only increased 0.2 percent.  “Consumers are still spending, although limited income growth appears to also be holding spending increases in check,” Plante Moran Financial Advisors chief investment officer Jim Baird said.  As equities investors await the next Fed meeting, many wonder if pulling back the amount of monthly asset purchases will have the jarring impact many predict or if the anticipation of the inevitable is already priced in to the market. 

At 1:24 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,322.20, Down $14.10.
  • Silver, $21.44, Up $0.02.
  • Platinum, $1,499.10, Down $0.60.
  • Palladium, $740.40, Up $1.30.

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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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